IDFC First Bank on Tuesday said it remains confident of navigating the shareholder rejection of a special resolution that would have allowed Currant Sea Investments B.V., an affiliate of Warburg Pincus, to nominate a non-retiring, non-executive director.
| Photo Credit:
IDFC First Bank on Tuesday said it is confident of working through the matter relating to shareholders’ rejecting a special resolution on the right of Currant Sea Investments B.V. (or any of its Assignees) to nominate one non-retiring non-executive director on its Board.
Further, the private sector Bank is also seeking other regulatory approvals in parallel regarding the investment of Currant Sea Investments B.V. (an affiliate company of global growth investor Warburg Pincus LLC.) in the Bank.
Shareholders of the Bank on May 18 rejected a special resolution that provides a right to Currant Sea Investments B.V. (or any of its Assignees) to nominate one non-retiring non-executive director.
The postal ballot vote on the aforementioned special resolution did not meet the Companies Act, 2013 criteria, which requires at least 75% of the votes in favour to be passed at a general meeting.
As per the e-voting results, 64 per cent of the total number of votes polled were in favour of the resolution (against the Company Act requirement of 75 per cent), and the rest voted against it, per the Bank’s regulatory filing.
It may be pertinent to note that the Board of Directors of IDFC FIRST Bank, at its meeting held on April 17, approved a preferential issue of equity capital (CCPS) amounting to approximately ₹4,876 crore to Currant Sea Investments B.V., an affiliate company of global growth investor Warburg Pincus LLC and approximately ₹2,624 crore to Platinum Invictus B 2025 RSC Limited, a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) managed by its Private Equities Department.
Published on May 20, 2025
