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IDFC Bank to seek shareholders' nod next month for name change

PTI new delhi India
Updated: 30-11-2018 15:54 IST

(Eds: Recasting )

New Delhi, Nov 30 (PTI) IDFC Bank will seek shareholders' nod next month to change its name to IDFC First Bank Ltd as part of an amalgamation.

Capital First, Capital First Home Finance and Capital First Securities are proposed to be merged with IDFC Bank.

Shareholders of IDFC Bank would vote on proposed name change during the period from December 4, 2018 to January 2, 2019, the bank said in a BSE filing Friday.

IDFC Bank's board on January 13 approved the composite scheme of amalgamation.

The proposed deal has already received approvals from the National Housing Bank, CCI, BSE, NSE, RBI, shareholders and creditors of the companies.

Capital First and IDFC Bank would create a Rs 88,000-crore combined entity with the merger in an all-stock deal.

The share swap ratio for the merger is fixed at 139:10, meaning IDFC Bank will issue 139 shares for every 10 shares of Capital First.

IDFC had applied for a banking licence in 2013 and got in-principle approval for the same from the RBI in the following year.

Stock of IDFC Bank was trading flat at Rs 38.35 on BSE. Capital First traded at Rs 525, up 0.22 per cent.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)