IDFC First Bank on Friday announced the completion of merger of IDFC Limited with the bank.
The process follows after receiving all the requisite shareholder and regulatory approvals, the bank said in a statement.
When will be the merger?
The merger becomes effective from 1st October, 2024, it added.
The bank said that as a result of the amalgamation 155 equity shares of the bank will be allocated for every 100 equity shares of IDFC Limited held by such shareholder in IDFC Limited as on the Record Date i.e., October 10, 2024.
Shares will be credited to IDFC Limited shareholders on or before October 31, 2024, subject to regulatory processes and clearances, it said.
After the merger, it stated, the structure for the Bank would remain simple without any holding company.
“The shareholding structure will be like other leading institutional Indian private sector banks with no promoter holding. The bank will continue to be a professionally managed institution,” it said.
As part of the merger, it said, about ₹600 crore of cash and cash equivalents will flow to the bank.
The announcement of a merger today between IDFC First Bank and IDFC Ltd brings to an end the intense work over the last 2 years. – V Vaidyanathan, MD & CEO, IDFC First Bank Limited.