IDFC First Bank merger with IDFC Ltd.
IDFC First Bank shareholders approved the merger of IDFC Limited with IDFC First Bank. Under the scheme, IDFC shareholders will receive 155 shares for every 100 they hold. IDFC First Bank shares closed at ₹77.44 on the BSE, up 0.26%.
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May 22, 2024
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IDFC First Bank shareholders approved a merger with IDFC Limited, which was reviewed and approved by the NCLT on May 17.
This plan includes merging IDFC Financial Holding Company with IDFC Limited and subsequently merging IDFC Limited with IDFC First Bank.
Merger scheme and regulatory filings
IDFC First announced in a regulatory filing that the resolution approving the merger scheme was passed by the necessary majority, with over three-fourths in value of the equity shareholders voting in favour. Additionally, the amalgamation scheme was supported by a substantial majority, with 99.99% of the Non-Convertible Debenture (NCD) Holders, representing more than three-fourths in value, voting in favour through both remote e-voting and e-voting during the meeting.
Like HDFC Bank, the merged IDFC First Bank will also have no promoter entity but is fully owned by institutional and public shareholders.
Share exchange ratio
In July 2023, the boards of IDFC Financial Holding Co. Ltd, IDFC Ltd, and IDFC First Bank approved the merger. According to the proposed reverse merger scheme, IDFC shareholders will receive 155 shares for every 100 shares they hold in the bank. Both IDFC Ltd and IDFC First Bank shares have a face value of ₹10 each.
On Saturday, IDFC First Bank shares closed 0.26% higher at ₹77.44 each on the BSE.
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