After Adani companies, GQG Partners acquires stake in IDFC FIRST Bank from V Vaidyanathan

Rajiv Jain-backed investment firm GQG Partners has acquired stake in IDFC First Bank in a deal valued at Rs 478.70 crore. As part of deal, GQG Partners acquired 5.07 crore equity shares of bank from managing director and CEO V. Vaidyanathan in a block deal transaction.

"Capital First h originally granted CMD stock options to Vaidyanathan. Capital First merged with IDFC Bank in December 2018, and as part of Amalgamation Scheme jointly agreed upon by IDFC Bank and Capital First, se Capital First CMD stock options were converted to IDFC FIRST Bank stock options. As se options are approaching ir expiry, se are being exercised accordingly," bank said in a regulatory filing on BSE.

"Vaidyanathan is required to pay exercise price to Bank. Furrmore, Capital First was an entrepreneurial venture and options have appreciated in value over years due to progress me by Capital First and IDFC FIRST Bank. Hence, he is also required to pay Income Tax on appreciation in market value of options over option grant price, calculated as of date of exercise. To finance same, he has executed sale of above-mentioned shares," bank ded.

Following this transaction Vaidyanathan's stake in bank will increase from 0.58 per cent to 1.04 per cent.

GQG's India investments

Jain-backed GQG has been actively investing in Indian stock markets and has bought stakes in various ani group companies. 

GQG has increased its stake in ani Ports & Special Economic Zone (APSEZ) to 5.03 per cent last month by way of a bulk deal, stock exchange filings showed.

GQG now has a stake in five of 10 ani Group firms. 

On August 16, it bought a 7.73 per cent stake in ani Power Ltd. Promoter group firms Worldwide Emerging Market Holding and Afro ASIA Tre and Investments sold an 8.09 per cent stake in ani Power through block deals on August 16.

Of this, GQG bought 7.73 per cent, filings showed.

GQG h previously picked up a 5.4 per cent stake in ani Enterprises, a 6.54 per cent stake in ani Green Energy Ltd and a 2.5 per cent stake in ani Transmission Ltd.

GQG has so far invested Rs 38,700 crore in ani Group firms.