IDFC FIRST Bank announces completion of IDFC Ltd merger effective Oct 1 | Company News

IDFC First Bank on Friday announced the completion of merger of IDFC Limited with the bank.

This follows the receipt of all requisite shareholder and regulatory approvals, the bank said in a statement.

Click here to connect with us on WhatsApp

The merger is effective from October 1, 2024, it added.

As a result of the merger, it said, 155 equity shares of the bank will be allotted for every 100 equity shares of IDFC Limited held by such shareholder in IDFC Limited as on the Record Date i.e., October 10, 2024.

The shares are expected to be credited to shareholders of IDFC Limited on or before October 31, 2024, subject to regulatory processes and clearances, it said.

Post the amalgamation, there will be a simplified corporate structure at the Bank with no holding company, it said.

“The shareholding structure will be like other leading institutional Indian private sector banks with no promoter holding. The bank will continue to be professionally managed institution,” it said.

As part of the merger, it said, about Rs 600 crore of cash and cash equivalents will flow to the bank.

Speaking about the merger, V Vaidyanathan, MD & CEO, IDFC FIRST Bank Limited, said: “The announcement of merger today between IDFC First bank and IDFC Ltd brings closure to the intense work over the last 2 years.

IDFC FIRST Bank will now have a simplified corporate structure with no promoter holding, he said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sep 27 2024 | 11:38 PM ist

Thank you for taking the time to read this article! I hope you found the information insightful and helpful. If you enjoyed this type of content, please consider subscribing to our newsletter or joining our community. We’d love to have you! Feel free to share this article with your friends and family, who might also find it interesting.

WhatsApp Group Join Now
Telegram Group Join Now
Instagram Group Join Now

Leave a Comment