The Competition Commission of India (“CCI”), vide Press Release No. 29/2025-26,[1] dated June 03, 2025, has approved the proposed acquisition of up to 9.99% (Nine Point Nine Nine Percent) of the paid-up share capital (on a fully diluted basis) of IDFC First Bank Limited (“IDFC First Bank” or the “Target”) by Currant Sea Investments B.V. (“Currant Sea” or the “Acquirer”).
The transaction involves the subscription to 81,26,94,722 (Eighty One Crore Twenty Six Lakh Ninety Four Thousand Seven Hundred Twenty Two) compulsorily convertible cumulative preference shares (CCPS) of IDFC First Bank by Currant Sea.
The Proposed Transaction includes the following entities:
(a) Current Sea is a Netherlands-based investment holding company.
(b) IDFC First Bank is a full-service banking institution engaged in providing a wide range of banking and financial services, including:
- Retail and corporate banking
- Loans and credit cards
- Distribution of mutual fund and insurance products
- NRI banking and MSME solutions
- Trade finance, treasury and forex services
- Wealth management and digital banking solutions
[1] https://www.cci.gov.in/media-gallery/press-release/details/535/0