IDFC FIRST Bank Limited board approves in-principle merger of IDFC Limited

The Board of Directors of IDFC FIRST Bank Limited at its meeting held today, i.e. December 30, 2021, have considered the proposal for merger of 'IDFC Limited' and 'IDFC Financial Holding Company Limited' ("Promoter Group") with 'IDFC FIRST Bank Limited' and have expressed that we are, in-principle, in favour of the above merger, subject to the approval of the Board of Directors, shareholders, creditors, statutory and regulatory approvals of the respective entities. The Board has constituted and authorized a committee namely 'Capital Raise and Corporate Restructuring Committee', to work on the terms of proposed merger including finalizing the Scheme, Valuation, hiring advisors etc. as required.

Shares of IDFC First Bank Limited was last trading in BSE at Rs. 47.45 as compared to the previous close of Rs. 47.40. The total number of shares traded during the day was 2087965 in over 8843 trades.

The stock hit an intraday high of Rs. 47.85 and intraday low of 46.10. The net turnover during the day was Rs. 97890035.00.

Shares of IDFC Limited was last trading in BSE at Rs. 55.65 as compared to the previous close of Rs. 57.45. The total number of shares traded during the day was 471754 in over 1352 trades.

The stock hit an intraday high of Rs. 57.00 and intraday low of 55.20. The net turnover during the day was Rs. 26433764.00.

Source : Equity Bulls

Keywords

IDFCFirstBank INE092T01019 IDFC INE043D01016 Merger InPrincipleApproval