US-based GQG Partners , a prominent investor in Adani Group stocks, bought a stake in IDFC First Bank through bulk deals on Friday.According to exchange data, GQG Partners has picked up 17.1 crore shares or 2.58% stake in the lender for about Rs 1,527 crore. The transaction was done at Rs 89 apiece.Meanwhile, Warburg Pincus affiliate Cloverdell Investment has sold a 4.2% stake in the company. As of the June quarter, Cloverdell held about 7.12% of IDFC First Bank.IDFC First Bank is majority owned by public shareholders with 60.07% stake, while promoters have the rest 39.93%.Among the public shareholders, mutual funds own about 2.78% and foreign portfolio investors hold 4.51%. The union government also has 3.94% stake in the lender.NRI investor Rajiv Jain's GQG Partners shot to limelight earlier this year after it made contra bets in Adani Group stocks at a time when the conglomerate was marred under corporate governance allegations.Since then, GQG has consistently doubled down bets in Adani stocks by making fresh investments. IDFC First Bank's loans and advances grew 24% YoY to Rs 1.71 lakh crore in the same period.Post the quarterly results, brokerage ICICI Securities raised its target price to Rs 95, valuing the stock at 2.0x FY25 ABV.On Friday, the stock closed 0.16% lower at Rs 93.20 apiece on NSE.

Source: Economic Times September 02, 2023 01:25 UTC