IDFC merged with IDFC First Bank

• Infrastructure Development Finance Company (IDFC) has received approval from the Competition Commission of India (CCI) to merge with IDFC First Bank.

• The merger had received approval from the boards of directors of IDFC and IDFC First Bank on July 3.

• The proposed merger will be effective after approval from Securities and Exchange Board of India (SEBI), Reserve Bank of India (RBI) and National Company Law Tribunal (NCLT).

• As of June 30, 2023, IDFC holds 30.93 per cent stake in IDFC First Bank through its non-financial holding company.

• After the merger, IDFC shareholders will get 155 shares of IDFC First Bank for every 100 shares held.

• IDFC First Bank is an Indian private sector bank. It was established in 2015. Its headquarters is in Mumbai.