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Malaysian sovereign fund Khazanah exits IDFC Bank

30 November, 2016

Khazanah Nasional Berhad has sold all its stake in IDFC Bank Ltd, saying goodbye to its nearly decade-long investment in IDFC Group. It sold around 2.36% stake in IDFC Bank for Rs 550 crore ($80 million) through a bulk deal on Wednesday.

The Malaysian sovereign fund had started selling shares of IDFC Bank over the past few weeks and is estimated to have pocketed around Rs 510 crore more to sell its remaining stake, as per VCCircle estimates.

Khazanah remains a shareholder in IDFC Ltd.

IDFC Bank was demerged out of its parent IDFC Ltd last year. This gave Khazanah and other shareholders of IDFC a stake in the private bank.

Khazanah acquired 8.97% stake in IDFC in 2007 for Rs 848.16 crore and three years later raised its total exposure in the firm to Rs 1,228 crore.

With the exit from IDFC Bank, it has taken out bulk of its principal investment amount. Its holding in IDFC Ltd is currently worth Rs 868 crore ($126 million).

This is the second exit for Khazanah in as many years in India. Last year, it exited its four-year-old investment in L&T Finance Holdings Ltd, a public-listed financial services subsidiary of business conglomerate Larsen and Toubro Ltd (L&T).

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Malaysian sovereign fund Khazanah exits IDFC Bank

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