The merger of IDFC Limited and IDFC First Bank will be effective from October 1, information given in the exchange filing.

-Shareholders of IDFC Limited will get 155 shares instead of 100 shares.

New Delhi, 28 September (Hindustan Reporter). The date of merger of IDFC Limited with IDFC First Bank has been confirmed. Both these companies are listed in the stock market. According to the information given by these companies to the stock market, the merger of IDFC Limited with IDFC First Bank will become effective on October 1 i.e. next Tuesday.

In the information given to the stock market by IDFC Limited and IDFC First Bank, it has been said that in the board meeting held on Friday, IDFC Financial Holding Company Limited (IDFC FHCL) will be merged into First IDFC Limited. After this IDFC Limited will be merged into IDFC First Bank Limited. The effectiveness of the Composite Scheme of Amalgamation has been approved in the board meeting for this merger.

Let us tell you that the Amalgamation Scheme was approved by the Chennai Bench of the National Company Law Tribunal (NCLT) on September 25 this week itself. Earlier, the merger of IDFC Limited with IDFC First Bank was approved by the boards of both the companies in July 2023. After this, the Reserve Bank of India gave the green signal to the merger proposal of both the companies in December 2023, while the debt and equity holders had approved the merger proposal in May this year.

In the information given to the stock market, it has been said that first IDFC FHCL will be merged with IDFC Limited on September 30. After this, the merger of IDFC Limited with IDFC First Bank will become effective from October 1. As per the terms of the merger, IDFC First Bank shares will be issued to the shareholders of IDFC Limited in a fixed proportion. October 10, 2024 will be the record date for this process. Shareholders of IDFC Limited will get 155 fully paid up equity shares of IDFC First Bank for every 100 fully paid up equity shares held.

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Hindustan News / Yogita Pathak

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