IDFC First Bank To Allot 37.75 Crore Shares To IDFC Financial Holding

IDFC First Bank Ltd. will allot 37.75 crore in equity shares to IDFC Financial Holding Co.

The shares allotted to IDFC Financial will be fully paid up at a price of Rs 58.18 per equity share, according to an exchange filing by the bank on Thursday.

Following the allotment, IDFC Financial's stake in IDFC First Bank will rise to 39.99%, the filing said.

IDFC Ltd. also aims to complete its merger with IDFC First Bank within the current fiscal, it said in an exchange filing on Tuesday.

The firm said it has completed all the necessary stages of corporate simplification and has appointed Axis Capital Ltd. for a fairness opinion of the share exchange ratio for the merger.