Private equity major Warburg Pincus has sought fair trade regulator CCI's approval to acquire 10 per cent stake in private sector lender IDFC First Bank.
US-based Warburg Pincus through its arm Currant Sea Investments BV will acquire the stake in IDFC First Bank.
"The acquirer (Currant Sea Investments B V) proposes to acquire up to 9.99 per cent of the paid up share capital (on a fully diluted basis) of the target (IDFC First Bank) by way of subscription to 81,26,94,722 compulsorily convertible cumulative preference shares," a notice filed with the CCI said on April 28.
The deal has been notifiable to the Competition Commission of India under Section 5(a)(i)(A) of the Competition Act, 2002, it added.
IDFC First Bank is engaged in the business of providing banking services as well as other financial solutions.
The notice also said that Platinum Invictus B 2025 RSC Ltd, an arm of Abu-Dhabi Investment Authority (ADIA) plans to subscribe to 43.72 crore preference shares in IDFC First