Overview

• IDFC First Bank shareholders rejected a special resolution to allow Currant Sea Investments BV, a Warburg Pincus affiliate, to nominate a non-executive director on the board, with only 64.10% votes in favor, short of the required 75%.
• Institutional investors opposed the resolution, with 51.30% voting against it, while retail investors showed overwhelming support, with 98.67% voting in favor.
• Shareholders approved two other resolutions: a ₹7,500 crore convertible preference share issuance and a reclassification of authorized share capital, both with over 99% approval.
• Warburg Pincus, through Currant Sea Investments, is seeking regulatory clearance from the Competition Commission of India (CCI) to acquire a 9.99% stake in the bank.
• The rejection of the board seat proposal highlights governance concerns among institutional investors and may lead to renegotiations on governance terms for future private equity investments.