IDFC FIRST Bank to sell Mumbai office premises to NSDL for ₹198 crore

IDFC First Bank shares will be on the investors' radar on October 10 after the company said it agreed to sell its office premises in Mumbai to National Securities Depository Limited (NSDL) for Rs 198 crore.The lender said the decision to sell the office premises at Naman Chambers in Bandra-Kurla Complex (BKC) was a strategic move aimed at streamlining operations.

The consolidation effort was aligned with the bank's broader strategy to centralise operations, particularly in proximity to its corporate office at IDFC FIRST Bank Tower (The Square), C-61, G Block, BKC."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 parties,” IDFC said.On October 9, IDFC First Bank stock ended at Rs 89.95, down 1.6 percent from the previous close.The stock has had a good run in the past six months, gaining nearly 67 percent. IDFC First entered the elite club of the 10 most valuable listed lenders in India, replacing Union Bank of India and Canara Bank.