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Warburg Pincus, HDFC buy fresh shares in Capital First

  • Andrew Woodman
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Indian non-banking financial company (NBFC) Capital First is raising INR1.78 billion via preferential allotment of shares to existing investors Warburg Pincus and HDFC Standard Life Insurance.

According to a regulatory filing, promoter Warburg Pincus - which will continue to hold a 71.9% stake following the transaction - will put in INR1.28 billion by subscribing to 8.3 million shares at INR153.8 apiece while HDFC will put in INR499.8 million, subscribing to 3.2 million shares at the same price. The transaction is subject shareholder approval.

Previously known as Future Capital, Captial First was a subsidiary of Kishore Biyani's Future Group until 2012 when Warburg Pincus acquired the business in management buyout. The firm acquired 70% of the business over several tranches before later raised its stake to the current level via an open offer. The company share was trading at INR146.5 on the Bombay Stock Exchange.

According the company's last annual report, revenue was INR8 billion the financial year ending March 2013, up from the INR7 billion the previous year. Profit meanwhile was down for the same period to INR 784 million from INR1.3 billion the previous year.

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