IDFC First Bank has officially completed its merger with IDFC Limited as of October 1, 2024. The merger was finalized after receiving all necessary approvals from shareholders and regulators, the bank announced in a statement.
Shareholders of IDFC Limited will receive 155 equity shares of IDFC First Bank for every 100 shares they hold, based on the record date of October 10, 2024. These shares are expected to be credited by October 31, 2024, pending regulatory clearances.
The bank also highlighted that this merger will create a simplified corporate structure with no holding company, aligning it with other major private sector banks in India. There will be no promoter holding, and the bank will remain professionally managed. Additionally, around ₹600 crore in cash and cash equivalents will be added to the bank’s resources as part of the merger.
V Vaidyanathan, MD & CEO of IDFC First Bank, emphasized that this merger is the result of two years of hard work and will bring greater clarity to the bank’s structure going forward.
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