IDFC First Bank shares traded in the red on 10 October after the company agreed to sell its office premises in Mumbai over to National Securities Depository Limited for Rs 198 crore.

The company said that the decision to sell the office premises at Naman Chambers in Bandra-Kurla Complex and further noted that this decision is a strategic move aimed at streamlining operations.

The company’s regulatory filing said, “The title and ownership of the office premises shall be transferred from the bank to National Securities Depository Limited. The possession of the office premises will be handed over as mutually agreed between both parties.”

This is the bank’s broader strategy to centralise operations and in proximity to its corporate office located at IDFC Bank Tower, C-61, G Block, BKC.

The company’s share has entered the elite club of India’s 10 most valuable listed lenders by replacing Canara Bank and Union Bank of India.

Over the period of six months, the shares of the lender have gained more than 67%.

At 2:40 pm, the shares of IDFC First Bank were trading at Rs 89.95 or 0.11% below its previous close on NSE.