IDFC Bank to seek shareholders' nod next month for name change
(Eds: Recasting )
Capital First, Capital First Home Finance and Capital First Securities are proposed to be merged with IDFC Bank.
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.
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