Warburg Pincus has sold a partial stake in IDFC First Bank on Thursday through block deals.

The US-based private equity firm, through its affiliate Dayside Investment, has offloaded 9.17 crore shares or 1.3% stake in IDFC First Bank. 

The transaction was done at Rs 86.1 per share, totalling Rs 790 crore.

It is not yet clear who the buyers of the stake are.

As of September-end, Dayside Investment held 1.3% in the company.

Cloverdell Investment, another affiliate of Warburg Pincus, held 2.74% stake in IDFC First Bank as of November 2023.

At the end of June quarter, Warburg Pincus affiliates Cloverdell Investment and Dayside Investment together held 8.5% stake in the private sector lender.

In September, the PE firm, through Cloverdell Investment, divested a 4.2% stake in IDFC First Bank for Rs 2,480 crore through block deals.

Concurrently, Rajiv Jain-backed GQG Partners acquired 2.6% stake in the lender for Rs 1,527 crore.

Foreign portfolio investors have increased their holdings in the bank consistently for the last three quarters. As of September-end, FPIs collectively held 26.06% stake, up from 19.31% at the end of March.