Shares of IDFC First Bank slipped and fell 4% on 7 December after 2% equity of the company changed hands via a block deal.

Around 13.5 crore shares of the company changed hands via a block deal on the exchanges for a total value of Rs 1,162.7 crore, at an average price of Rs 86 per share.

The names of the buyers and sellers involved in the deal are yet to be identified. However, Warburg Pincus, through its affiliate Cloverdell Investment, was looking to sell its stake in the company. Cloverdale Investment held a 2.74% stake in IDFC First Bank.

Earlier in September, Cloverdell Investment sold a 4.2% stake in the company for a total value of Rs 2,480 crore via a block deal. Following the stake sale, Rajiv Jain-backed GQG Partners acquired a 2.6% stake in the lender for a total consideration of Rs 1,527 crore.

Moreover, Madhivanan Balakrishnan has resigned from his post of Executive Director. The company said, “The board has accepted the resignation and relieved with immediate effect. However, Balakrishnan will continue to serve the bank for necessary handovers until 15 December, 2023.”

At 1:33 pm, the shares of IDFC First Bank were trading 2.16% lower at Rs 88.45 on NSE.