IDFC First Bank, Bharti Airtel block deals: Stocks in news on report Warburg Pincus may sell stakes

Shares of IDFC First Bank Ltd will be in focus on Thursday morning as a media report suggested that Warburg Pincus would be offloading 1.30 per cent stake in the lender via Cloverdell Investment through a block deal. The news comes following a complete exit by an affiliate of Warburg Pincus in Computer Age Management Services Ltd (CAMS) earlier this week. As per a media report, Warburg Pincus may also be offloading shares in Bharti Airtel via block deals this week. The total share sale by Warburg Pincus is seen exceeding Rs 5,000 crore.

As per CNBC-TV18, the Warburg Pincus-owned Cloverdell Investment was likely to sell a 1.3 per cent stake in IDFC First Bank through a block deal for about $100 million at Rs 85.70 apiece today. As per data available with stock exchanges Cloverdell Investment held 19,30,43,265 shares or 2.74 per cent stake in IDFC First Bank at the end of September quarter. It would be left with a stake of 1.44 per cent post the 1.30 per cent stake sale, CNBC-TV18 reported.

Earlier this week, CAMS promoter Great Terrain Investment Ltd sold 97,59,730 shares at Rs 2,766.47 in CAMS on December 4. Great Terrain is an affiliate of Warburg Pincus. Buyers included Abu Dhabi Investment Authority, Morgan Stanley Asia Singapore PTE, Goldman Sachs (Singapore) Pte, Birla Sun Life MF, Kotak Mahindra Mutual Fund, among others.

Meanwhile, there are also reports of Warburg Pincus looking to raise $211 million in telecom major Bharti Airtel Ltd in a block deal. Warburg Pincus is also reportedly looking to sell 17.5 million shares at a floor price of Rs 1,005 apiece.

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