Shareholders and non-convertible debenture holders of IDFC First Bank have endorsed the proposal to merge parent company IDFC Ltd with the bank. The National Company Law Tribunal (NCLT) approved the composite scheme of amalgamation, with an overwhelming majority of votes in favor. Under the scheme, IDFC FHCL will merge with IDFC, followed by IDFC merging into IDFC First Bank Ltd. Shareholders will receive 155 shares for every 100 shares held in the bank. The merger marks the culmination of IDFC’s transition from an infrastructure lender to a full-service universal bank, following its establishment in 1997 and subsequent launch of IDFC Bank in 2015.
IDFC First Bank Shareholders Approve Merger with IDFC Ltd
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