Bank Merger: The Reserve Bank has given its approval to the merger of this Bank. We are telling you about its details.
IDFC-IDFC Bank Merger: A big news has come out regarding the merger of IDFC First Bank and IDFC. The Reserve Bank of India (RBI) has given its approval to the merger of both. According to the information given to the stock market, the bank got the merger approval from RBI on December 18. Earlier, the Competition Commission of India had also approved this merger.
Who will get how many shares
According to CCI, the ratio decided in this merger has been fixed at 155:100. In such a situation, instead of 100 shares of IDFC, IDFC Bank is going to get a total of 155 shares. IDFC has a total stake of 39.93 percent in IDFC First Bank. Whereas IDFC Limited had assets worth Rs 2.4 lakh crore with IDFC Financial Holding till March 2023. Whereas the bank had registered a total profit of Rs 2,437.13 crore in the financial year 2023 with a turnover of Rs 27,194.51 crore.
Decline in shares
After receiving the news of approval of IDFC-IDFC Bank merger by RBI, there has been tremendous movement in the shares of IDFC Bank. Shares of the bank had closed at 89.74 with a decline of 0.27 percent on Monday. At the same time, a decline of 0.24 percent has been recorded in BSE Sensex.
This is the second biggest merger deal after HDFC Bank.
IDFC-IDFC Bank merger: This is the second biggest deal of this year after HDFC Bank merger. Apart from the approval of the Reserve Bank, the approval of CCI, NCLT, BSE, NSE and many other regulatory institutions is required for the merger of the bank. Through this merger, IDFC First Bank, IDFC Limited and IDFC FHCL are being merged into one unit. Earlier in the year 2018, IDFC Bank and Capital First were merged to form IDFC First Bank.
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