IDFC Limited: The merger of IDFC First Bank and IDFC Limited has been completed. It will come into effect after all the necessary approvals on October 1. This merger will benefit shareholders. Every shareholder of IDFC will be given 155 shares of IDFC Bank in exchange for 100 shares. This merger will simplify IDFC’s corporate structure. The promoters’ holding will end, and professional management will increase.
IDFC First Bank Will Not Have Any Holding Company
IDFC First Bank announced the completion of this merger on Friday. The bank said this merger will be implemented after shareholders and regulatory approvals next month. IDFC has set October 10 as the record date for the exchange of shares. These shares will be given to the shareholders before October 31. The biggest benefit of this merger is that the bank will not have any holding company. The bank said our shareholding will be as simple as other big private sector banks. There is no promoter holding in other private sector banks as well. Also, the management of the bank will become easier.
The Bank Will Get Rs 600 Crore Due To The Merger
Due to this merger, the bank will receive around Rs 600 crore. IDFC First Bank MD and CEO V Vaidyanathan said we have been trying for this merger for almost two years. After a lot of hard work, we have reached this point. We are hopeful that due to this merger, the bank will receive many benefits in the future. We will be able to serve our customers better. Our corporate structure will also become like other big banks in the sector.
