IDFC FIRST Bank has announced the conversion of compulsorily convertible cumulative preference shares (CCPS) held by Currant Sea Investments B.V. (“Investor”) into equity shares. The bank’s board approved the allotment of 81,26,94,722 equity shares, with a face value of ₹10 each, following the conversion. The board has also approved a dividend payment of ₹72,67,49,472 on the CCPS.
CCPS Conversion Details
IDFC FIRST Bank has completed the conversion of its compulsorily convertible cumulative preference shares (CCPS) into equity shares, held by Currant Sea Investments B.V. (“Investor”). This decision follows the terms of an Investment Agreement dated April 17, 2025, between the Bank and the Investor.
Equity Allotment Approved
On October 8, 2025, the Board of Directors approved the allotment of 81,26,94,722 equity shares, each with a face value of ₹10, to the Investor. This allotment results from the conversion of an equivalent number of CCPS previously held by the Investor. The bank has converted CCPS at the earliest available opportunity as allowed by the Investment Agreement.
Dividend on CCPS
In line with the Investment Agreement, the Board has approved the payment of a dividend on the CCPS at a rate of 8%. This amounts to ₹72,67,49,472, calculated on a proportionate basis from the allotment date up to the conversion date of the CCPS.
Impact on Share Capital
Following the allotment, the Bank’s paid-up equity share capital has increased to ₹81,51,95,66,830, divided into 8,15,19,56,683 equity shares, each with a value of ₹10.
Meeting Conclusion
The board meeting regarding this conversion commenced at 09:45 am and concluded at 10:25 am on October 8, 2025.
Investor Shareholding
Following the conversion, Currant Sea Investments B.V. holds 81,26,94,722 equity shares, representing 9.97% of the post-conversion equity capital.
Source: BSE
