IDFC First Bank Sells Bandra Kurla Complex Office Premises In Mumbai For Rs 198 Crore, Know Why

New Delhi: IDFC First Bank has announced that it has sold the Bandra Kurla Complex (BKC) office premises in Mumbai to NSDL for Rs 198 crore.

In an information given to the stock market, IDFC First Bank said, "Pursuant to Regulation 30 of the SEBI Listing Regulations, we wish to inform that on October 09, 2023, IDFC FIRST Bank Limited (“Bank”) has entered into agreement(s) with National Securities Depository Limited (“NSDL”) for the sale of Bank’s office premises located at Naman Chambers, Bandra-Kurla Complex (“BKC”), Mumbai, as a part of consolidation of Bank’s operations near its Corporate Office at IDFC FIRST Bank Tower (The Square), C-61, G Block, BKC, Mumbai."

Informing BSE on the status of shareholding in the entity with whom the agreement is executed, the bank said that NSDL does not hold any shares in IDFC FIRST Bank Limited.

"The title and ownership of the Office premises shall be transferred from the Bank to NSDL. The possession of the office premises will be handed over as mutually agreed between both the parties," it said in a regulatory filing.'

It further said that NSDL is not related to promoter/ promoter group/ group companies of the Bank in any manner and that above transaction is not a related party transactions.