IDFC First Bank to sell office premises in BKC to NSDL for Rs 198 crore

The title and ownership of the office premises shall be transferred from the bank to NSDL (Representative image)

IDFC FIRST Bank Limited informed the bourses on October 9 that it has entered into an agreement with the National Securities Depository Limited (NSDL) for the sale of its office premises located at Naman Chambers in Bandra-Kurla Complex (BKC), Mumbai.

IDFC FIRST Bank’s office premise in BKC is being sold to NSDL for Rs 198 crore, the bank said in an exchange filing.

This is being done as a part of the consolidation of the bank’s operations near its corporate office in BKC. IDFC First Bank explained the “sale of office premises at Naman Chambers, Bandra Kurla Complex is part of a consolidation of the bank’s operations near its corporate office at IDFC FIRST Bank Tower (The Square), C-61, G Block, BKC, Mumbai”.

“The title and ownership of the office premises shall be transferred from the bank to NSDL. The possession of the office premises will be handed over as mutually agreed between both parties,” IDFC First said.

The bank informed the exchanges that NSDL does not hold any share in IDFC FIRST Bank Limited nor is it related to any promoter/ promoter group/ group company of the bank in any manner.

Earlier this month, the private lender launched a qualified institutional placement (QIP) to raise funds. The base size of the issue is Rs 2,000 crore, with a green-shoe option of further raising Rs 1,000 crore. The floor price of the QIP has been set at Rs 94.95.

IDFC First Bank had launched a QIP of Rs 3,000 crore in 2021 as well. The issue was priced at Rs 57.35 a share and the bank allotted 52.31 crore equity shares to qualified institutional buyers.

On September 1, Fort Lauderdale-based asset management firm GQG Partners picked a 2.6 percent equity stake in IDFC First Bank via open market transactions. In the same month, courtesy of a stellar run in its shares this year, IDFC First Bank also entered the elite club of the 10 most valuable listed lenders in India, replacing Union Bank of India and Canara Bank with a valuation of Rs 65,325 crore as of September 4.