Please refer the attached disclosure
Awaiting price reaction for this filing.
IDFC FIRST Bank conducted a Postal Ballot via e-voting (concluded May 17, 2025) on three resolutions put to shareholders. The first resolution — reclassification of Authorised Share Capital and amendment to the Memorandum of Association — passed with 99.61% in favour. The second resolution, issuing Rs. 7,500 crore of Compulsorily Convertible Cumulative Preference Shares (CCPS) on a preferential basis, also passed with 99.18% in favour. The third resolution, amending the Articles of Association to give Currant Sea Investments B.V. (or its assignees) the right to nominate one non-retiring non-executive director, FAILED with only 64.10% in favour — falling short of the 75% threshold required for a special resolution. Notably, institutional public shareholders voted heavily against Resolution 3 (51.30% against), while retail shareholders supported it (98.67% in favour).
The Rs. 7,500 crore preferential capital raise (likely from a Warburg Pincus-linked entity) is approved and will strengthen the bank's capital base. However, the rejection of the investor's board nomination right is a setback — it means the preferential shareholder does not get a contractual seat on the board, which may require fresh negotiations or alter the original deal terms.