IDFC Bank To Acquire Warburg-Backed Lender Capital First

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IDFC Bank, one of India's two newest banks, said on Saturday its board has approved a takeover of non-bank financial firm Capital First Ltd in a share swap deal.

Shareholders in Capital First will receive 139 shares of the bank for every 10 shares held, the lender said in a stock exchange filing. The deal is conditional on Reserve Bank Of India (RBI) and other regulatory approvals. Capital First, owned more than a third by private equity firm Warburg Pincus, also counts Singapore state investor GIC among its major investors.

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