UBS Acquires Stake in IDFC Ltd Amid Banking Merger

UBS Group has purchased a 0.51% stake in IDFC Ltd for Rs 88 crore. The transaction sees UBS acquiring over 81 lakh shares at Rs 107.92 each. This acquisition happens in the backdrop of an IDFC and IDFC First Bank merger, simplifying their corporate structure.

UBS Group, a renowned Swiss financial services company, has made a strategic investment by purchasing shares in IDFC Ltd. The deal, valued at Rs 88 crore, took place through an open market transaction.

Data from the National Stock Exchange disclose that UBS, acting via its subsidiary UBS Principal Capital Asia, acquired a 0.51% stake in IDFC Ltd, equating to over 81 lakh shares at an average price of Rs 107.92 each.

This development coincides with IDFC First Bank's merger with its parent IDFC Ltd, an initiative aimed at streamlining its corporate structure following previous consolidations in the Indian banking sector.

(With inputs from agencies.)