Capital First Ltd.
Capital First Ltd, formerly known as Future Capital Holdings, was an Indian non-bank financial institution which provided debt financing. In December 2018, it was merged into IDFC Bank to form IDFC First Bank. The company was listed on the National [Stock Exchange of India|NSE] and BSE prior to the merger.
History
Founded in 2005 as a part of Future Group, the company became Future Capital Holdings in December 2006. The company listed on the Indian stock exchanges in January 2008 following an initial public offering. Between 2008 and 2010, the company launched businesses including real estate development financing, corporate credit, private equity, asset management, foreign exchange, retail broking, mall management, wealth management and property services.In 2010, V. Vaidyanathan, then MD and CEO of ICICI Prudential Life, was appointed as the vice-chairman and MD of Future Capital Holdings. Vaidyanathan obtained a 10% stake in the company as part of the deal. The company later exited legacy businesses of forex, wealth, and broking, and reduced wholesale lending sharply.
In 2012, Warburg Pincus agreed to buy a majority stake in the company for, including ₹1 billion by way of preferential allotment. An open offer was made to the public in line with SEBI guidelines. The board was reconstituted and the company was renamed Capital First.
On 13 January 2018, IDFC Bank and Capital First announced a merger in a stock swap deal, with IDFC Bank issuing 139 shares of the bank for every 10 shares of Capital First. The merger completed in December 2018 and Vaidyanathan took over as the MD and CEO of the bank which was renamed IDFC First Bank.