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IDFC FIRST Bank sells office premises for ₹198 crore as part of consolidation

Oct 10, 2023

By: BlinkX Research Team

IDFC FIRST Bank has successfully concluded an agreement with the National Securities Depository Limited (NSDL) for the sale of its office premises located at Naman Chambers, Bandra Kurla Complex (BKC), Mumbai. This transaction is part of the bank's strategic move to consolidate its operations near its Corporate Office at IDFC FIRST Bank Tower (The Square), C-61, G Block, BKC, Mumbai.

The size of the agreement involves a consideration of approximately  ₹198 crores. NSDL, the counterparty in the agreement, does not hold any shares in IDFC FIRST Bank Limited.

Under the terms of the agreement, the title and ownership of the office premises will be transferred from the bank to NSDL. The possession of the office premises will be handed over as mutually agreed between both parties.

It is important to note that NSDL is not related to the promoter/promoter group/group companies of IDFC FIRST Bank, and this transaction does not fall within the category of related party transactions.