The IDFC First Bank share price increased on Wednesday after the Competition Commission of India (CCI) approved a major stake acquisition. IDFC First Bank disclosed through a filing that Currant Sea Investments B.V. received CCI approval to acquire up to 9.99% of IDFC First Bank shares. IDFC First Bank stock prices increased to ₹67.41 on the BSE following the announcement while showing a 0.64% gain.
The investment plan of Currant Sea Investments includes buying more than 81 crore CCPS which would result in a 10% ownership stake in IDFC First Bank’s fully diluted paid-up capital. The bank needs RBI approval to finalize the deal according to its official statement.
The IDFC First Bank share price has increased by 18% during the previous three months while showing a 5% gain throughout the year. The stock price declined 7% during the past year but delivered substantial long-term gains with 90% returns over three years and 195% returns over five years.
The strategic investment from Currant Sea represents a major development for IDFC First Bank because it enhances market confidence and may improve its future financial stability.
