Capital First Ltd.

Capital First Ltd

Company type	Public
Industry	Non-bank financial institution
Predecessor	Future Capital Holdings
Founded	2005
Fate	Merged with IDFC Bank to form IDFC First Bank in December 2018
Area served	India
Key people	V. Vaidyanathan (MD and CEO)
Parent	Warburg Pincus (controlling interest from 2012)

Capital First Ltd, initially known as Future Capital Holdings, operated as an Indian non-bank financial institution with a focus on debt financing solutions. In December 2018, it combined operations with IDFC Bank, resulting in the creation of IDFC First Bank. Before this consolidation, Capital First was listed on both the NSE and the BSE.

History

The company was established in 2005 under the umbrella of Future Group, adopting the name Future Capital Holdings in December 2006. It went public in January 2008 through an initial public offering and secured listings on Indian stock exchanges. From 2008 to 2010, the firm diversified its portfolio by entering sectors such as real estate finance, corporate lending, private equity, asset management, foreign exchange operations, retail brokerage, mall administration, wealth advisory, and property-related services.

In 2010, V. Vaidyanathan, who was then serving as MD and CEO at ICICI Prudential Life, joined Future Capital Holdings as vice-chairman and managing director with a 10% equity stake. Subsequently, the company withdrew from its traditional forex, wealth management, and brokerage segments while significantly downsizing its wholesale lending activities.

By 2012, Warburg Pincus secured a controlling interest in the company for , which included a ₹1 billion preferential allotment. Following regulatory requirements set by SEBI, an open offer was conducted. The board underwent restructuring and the firm was rebranded as Capital First.

On 13 January 2018, a merger agreement was declared between IDFC Bank and Capital First involving a stock swap arrangement where IDFC Bank offered 139 shares for every 10 shares held in Capital First. The merger finalized in December 2018, appointing Vaidyanathan as MD and CEO of the newly formed IDFC First Bank.