HomeBankingIDFC First shareholders grant Warburg affiliate board seat, reversing earlier decision

IDFC First shareholders grant Warburg affiliate board seat, reversing earlier decision

While Currant Sea’s board nominee has not yet been disclosed, this marks a significant change in shareholder sentiment from May 2025, when a similar resolution was voted down.

August 01, 2025 / 15:10 IST
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IDFC First Bank
IDFC First Bank

In a reversal of an earlier shareholder decision, IDFC First Bank shareholders have now approved a proposal to grant board representation to Currant Sea Investments BV, an affiliate of private equity giant Warburg Pincus.

The decision was formalised at the bank’s 11th Annual General Meeting (AGM), held virtually on July 29, 2025. A special resolution enabling Currant Sea to nominate one non-executive director, who will be liable to retire by rotation, was passed with the necessary majority, said bank said in a regulatory filing.

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While Currant Sea’s board nominee has not yet been disclosed, this marks a significant change in shareholder sentiment from May 2025, when a similar resolution was voted down.

As reported by Moneycontrol at the time, shareholders had rejected a proposal to amend the bank’s Articles of Association to formally grant Currant Sea a board seat, despite the investor’s significant capital commitment.