IDFC First Bank Sells Mumbai Office for INR 198 Crore to NSDL

11 Oct 2023 , 12:23 PM

IDFC First Bank’s shares fell 0.5 % to Rs 89.9 in early trading on October 10 after the bank announced the sale of its Mumbai office premises to NSDL for Rs 198 crore. The sale is part of a strategic effort to streamline operations and centralize them near the bank’s corporate office at IDFC FIRST Bank Tower in BKC.

The title and ownership of the office premises will be transferred to NSDL, and possession will occur as agreed by both parties. On October 9, IDFC First Bank’s stock closed at Rs 89.95, down 1.6 % from the previous day.

Despite this decline, the bank’s stock has shown robust performance, with a 67 % increase in the past six months, propelling it into the list of the 10 most valuable listed lenders in India. Year-to-date, IDFC First Bank has surged 47 %, outperforming the Nifty benchmark’s 7.23 % gain.

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