Big news has come out regarding the merger of IDFC First Bank and IDFC. The Reserve Bank of India (RBI) has approved the merger of both. According to the information given to the stock market, the bank got the merger approval from RBI on December 18. Earlier, the Competition Commission of India had also approved this merger.
Who Will Get How Many Shares
According to CCI, the ratio decided in this merger has been fixed at 155:100. In such a situation, instead of 100 shares of IDFC, IDFC Bank will get a total of 155 shares. IDFC has a total stake of 39.93 per cent in IDFC First Bank. Meanwhile,mited had assets worth Rs 2.4 lakh crore with IDFC Financial Holding till March 2023. At the time, the bank had registered a total profit of Rs 2,437.13 crore in the financial year 2023, with a turnover of Rs 27,194.51 crore.
Decline In Shares
After receiving the news of the approval of the IDFC-IDFC Bank merger by RBI, there has been tremendous movement in the shares of IDFC Bank. Shares of the bank had closed at 89.74 with a decline of 0.27 per cent on Monday. At the same time, a drop of 0.24 per cent was recorded in the BSE Sensex.
This Is The Second Largest Merger Deal After HDFC Bank.
IDFC-IDFC Bank merger: This is the second biggest deal of this year after the HDFC Bank merger. Apart from the approval of the Reserve Bank, the approval of CCI, NCLT, BSE, NSE, and many other regulatory institutions is required for the bank merger. IDFC First Bank, IDFC Limited and IDFC FHCL are being merged into one unit through this merger. 2018 IDFC Bank and Capital First merged to form IDFC First Bank.
