IDFC Limited: The merger of IDFC First Bank and IDFC Limited has been completed. After all the necessary approvals, it will come into effect from October 1. Shareholders are going to benefit due to this merger. Every shareholder of IDFC will be given 155 shares of IDFC Bank in exchange of 100 shares. With this merger the corporate structure of IDFC will become simpler. The promoters’ holding will be reduced and professional management will increase.
IDFC First Bank will not have any holding company
IDFC First Bank has announced the completion of this merger on Friday. The bank said that this merger will be implemented from next month after shareholders and regulatory approvals. IDFC has fixed October 10 as the record date for exchange of shares. These shares will be given to the shareholders before October 31. Due to this merger, the biggest benefit will be that the bank will not have any holding company. The bank said that now our shareholding will become simple like other big private sector banks. There is no promoter holding in other private sector banks also. Besides, the management of the bank will also become easier.
Bank will get Rs 600 crore due to merger
Due to this merger the bank will get about Rs 600 crore. IDFC First Bank MD and CEO V Vaidyanathan said that we had been trying for this merger for almost two years. After a lot of hard work we have been able to reach this point. We have full hope that this merger will bring huge benefits to the bank in future. We will be able to serve our customers in a better way. Our corporate structure will now become like other leading banks in the sector.
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