India-based non-banking financial company Capital First has approved a capital increase of INR1.8 billion (approximately US$29 million) via a preferential allotment of shares to existing investors Warburg Pincus, a global private equity firm, and HDFC Standard Life Insurance, an India-based life insurance company. Warburg Pincus will subscribe to 8.3 million shares at INR154 (approximately US$2.48) per share, for a total investment of INR1.3 billion (approximately US$21 million), while HDFC will subscribe to 3.2 million shares valued at INR500 million (approximately US$8.1 million). Warburg Pincus originally acquired Capital First in a management buyout in 2012 and will continue to hold a 72 percent equity stake in the company following completion of the transaction, which is subject to shareholder approval.