IDFC First Bank, IDFC shares gain as fair trade watchdog clears merger

According to a regulatory filing, the CCI in a October 17 letter has given approval for merger of IDFC Limited and IDFC FIRST Bank.

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The IDFC Limited stock opened 1.1 percent higher on the NSE on October 18, a day after the company announced the Competition Commission of India (CCI) approval to merge with IDFC First Bank.

Shares of IDFC First Bank, on the other hand, opened 0.87 percent higher on the NSE. At 10:22am, the IDFC stock was trading at Rs 128 (1.07 percent higher), while IDFC First Bank was trading at Rs 92.30 (0.76 percent higher).

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According to a regulatory filing, the CCI  in an October 17 letter, gave approval for the merger of IDFC Limited and IDFC FIRST Bank. The filing added that the scheme “remains subject to various statutory and regulatory approvals inter alia, including from the stock exchanges, Sebi, NCLT, and other statutory and regulatory authorities, and the respective shareholders and creditors, under applicable laws”.

The decision for the merger was taken at a July 3 board meeting. At that time, in a regulatory filing, the company said that the share-exchange ratio for the “amalgamation of IDFC Limited with IDFC First Bank shall be 155 equity shares with a Rs 10 face value of fully paid-up shares of IDFC First Bank for every 100 equity shares of face value of Rs 10 each of fully paid-up of IDFC Limited”.

Also read: MC Explains: IDFC set to merge with IDFC First Bank: All you need to know about the deal

In a press release on July 4, MD and CEO V Vaidyanathan said that the merger will help create a financial services powerhouse enabling seamless delivery of services to customers. “It will augment operational efficiency for the merged entity and create synergies for our shareholders,” he said.

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