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Warburg Pincus pledges stake in IDFC First Bank, says report

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Private equity firm Warburg Pincus has pledged its entire 9.86 percent stake in private-sector lender IDFC First Bank Ltd to raise funds, Mint reported.

Warburg Pincus pledges stake in IDFC First Bank, says report
Private equity firm Warburg Pincus has pledged its entire 9.86 percent stake in private-sector lender IDFC First Bank Ltd to raise funds, Mint reported.
Warburg pledged the shares with Citigroup, Barclays and Standard Chartered, the report said.
Warburg has mobilised around $150 million by pledging the stake and will use the money to return capital to its limited partners, or investors, the report said.
The firm had got the stake in the bank when non-bank lender Capital First merged with IDFC Bank in 2018. Warburg owned a stake in Capital First, which it had acquired in 2012.
Previously, Warburg had sold a 25 percent stake in Capital First in May 2017 to several global and domestic investors, including Singapore sovereign wealth fund GIC Pte. Ltd.
In December 2018, IDFC Bank and Capital First merged to form a combined entity with assets of Rs 88,000 crore under management and a distribution network of 194 branches.
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