IDFC First Bank Ltd. has received the go-ahead from the Reserve Bank of India for its proposed merger of IDFC Ltd. and IDFC Financial Holding Co. with itself.
The lender received a letter dated Dec. 18 from the RBI conveying its ‘no objection' to the composite scheme of amalgamation, subject to compliance with its terms and conditions, according to an exchange filing on Monday.
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The merger remains subject to various statutory and regulatory approvals from the National Company Law Tribunal and the respective shareholders of the companies involved, the bank said.
The private lender's Managing Director and Chief Executive Officer, V. Vaidyanathan had told NDTV Profit in July that it expects the merger to be completed over the next nine to 12 months.
The merger, announced on July 3, will see IDFC First Bank issuing 155 shares against every 100 shares of IDFC.
IDFC's 39.93% stake in IDFC First Bank would be extinguished due to the merger.
"The merger will help create an institution with diversified public and institutional shareholders, like other large private sector banks, with no promoter holding," the bank said.
Shares of IDFC First Bank closed 0.27% lower at Rs 89.74 apiece ahead of the announcement on Monday, as compared with a 0.24% decline in the BSE Sensex.
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