IDFC FIRST Bank approves amendment to investment agreement

IDFC FIRST Bank announced that its Board of Directors has approved an amendment to its investment agreement with Currant Sea Investments B.V. The amendment modifies the terms regarding Currant Sea's right to nominate a non-executive director to the bank's board. Previously, the agreement provided for a non-retiring non-executive director, but the amended agreement specifies that the nominated director will be liable to retire by rotation. Furthermore, the revised terms eliminate committee representation and alternate directorship rights for Currant Sea. The fall-away threshold for nomination rights increases from approximately 2% to 5% of the bank's total paid-up share capital. This right will be contractual rather than incorporated into the bank's Articles of Association, and is subject to shareholder approval every five years. The investor is expected to hold ~9.48% of the bank after the preferential issue, assuming full subscription to the fundraise.