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American firm GQG Partners, which had bet on Adani Group during the crisis, has now made a big bet on IDFC First Bank. The company has bought 5.07 crore shares of the bank. GQG Partners bought the bank’s MD and CEO V. Done through a block deal from Vaidyanathan. Tell us in detail –
The listing of the IPO is Rs. 460, investors made bumper earnings on the first day
479 crore deal
According to the report, GQG Partners bought a 0.8 percent stake in the bank. For this, the company has paid Rs. 94.50 has been spent. Due to which this deal has been done for 479.50 crore rupees. Let us tell you that earlier on September 1, GQG Partners bought a large stake in the bank through a block deal.
Also Read: After 1 contract, the stock started running like a rocket, the price was less than Rs 100.
Why was the stock sold?
The merger of Capital First and IDFC Bank took place in December 2018. V Vaidyanathan was then given a stock option. These options are about to expire. V Vaidyanathan to subscribe for this option Rs. 229 crore was required. Let us tell you that the money received by selling the share will be deposited in the bank. The money cannot be used for any personal use.
On Monday morning, shares of IDFC First Bank rose over 1 percent to Rs. was trading at 96.64. The company’s 52-week high is Rs 100.74 per share.