IDFC FIRST Bank’s ED Madhivanan Balakrishnan steps down

The bank also stated that it would evaluate a suitable internal candidate to be appointed as the Whole-time Director (Executive Director). {Image Credit: Getty Images}

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26 Aug, 2025 12:21

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The Executive Director (ED) and key managerial personnel of IDFC FIRST Bank, Madhivanan Balakrishnan has tendered his resignation on December 6, the bank announced in its press statement.

“The Nomination & Remuneration Committee and the Board of Directors of the Bank at their respective meetings held today have accepted the said resignation (tendered on December 06, 2023) and shall relieve him from his duties in the capacity of Executive Director with immediate effect from the close of business hours on December 06, 2023. He continues to serve the Bank for necessary handovers until December 15, 2023,” the bank said in a regulatory filing.

Also Read | Warburg Pincus likely to sell 1.3% stake worth $100 million in IDFC First Bank via block deal

In his resignation letter, Madhivanan said: “I have come across an opportunity in the Healthcare sector which fits in with our long-term family plans. This is because my daughter has recently qualified as a doctor and she intends to pursue entrepreneurship in healthcare.”

Madhivanan Balakrishnan joined the Bank in 2019.

Also Read | IDFC First Bank stocks trade 3% lower as Warburg Pincus likely to offload 1.3% stake

The bank also stated that it would evaluate a suitable internal candidate to be appointed as the Whole-time Director (Executive Director).

Stake sale

US private equity giant Warburg Pincus is set to sell its stake in IDFC First Bank. Warburg Pincus is planning to sell a 1.3 percent stake in IDFC First Bank through its affiliate, Cloverdell Investment, via a block deal for $100 million at Rs. 85.7 per share.

Currently, Cloverdell Investment holds a 2.74 percent stake in IDFC First Bank, and after the 1.3 percent stake sale, it will be left with a 1.44 percent holding.

The private equity firm sold a 4.2% stake in IDFC First Bank for Rs 2,480 crore through block deals on September 4. At the same time, GQG Partners, backed by Rajiv Jain, acquired a 2.6 percent stake in IDFC First Bank for Rs 1,527 crore.