CCI Clears Currant Sea's Stake Buy In IDFC First Bank

The Competition Commission of India has approved Currant Sea Investments B.V.'s proposal to acquire up to 9.99% stake in IDFC First Bank, the lender said in a filing on Wednesday.

The deal involves subscribing to 812.69 million compulsorily convertible cumulative preference shares, translating to a 9.99% stake in the bank’s fully diluted share capital, as per the CCI's release. Currant Sea is a Netherlands-based investment holding company.

The investment, which awaits the Reserve Bank of India’s nod, is expected to boost IDFC First Bank’s capital adequacy, support growth, and strengthen its balance sheet in line with Basel-III norms.