IDFC First Bank announced on Monday that its shareholders have voted against a proposal to allow Currant Sea Investments BV, an affiliate of global private equity firm Warburg Pincus, to nominate a non-executive director to the bank’s board.

The proposal followed the bank board’s approval last month of a preferential equity infusion of approximately ?4,876 crore from Currant Sea Investments. To facilitate this, the bank had sought shareholder approval via a postal ballot to amend its Articles of Association, aiming to grant Currant Sea (or its assignees) the right to nominate one non-retiring non-executive director through a special resolution.

However, the resolution failed to secure the necessary backing from shareholders.