IDFC First Bank shares surge 3% as RBI approves merger with IDFC, IDFC Financial Holding

The RBI conveyed its ‘no objection’ to the composite scheme of amalgamation

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Shares of IDFC First Bank surged 3 percent to day’s high of Rs 92.33 per share on December 19 after the Reserve Bank of India (RBI) approved merger of IDFC and IDFC Financial Holding Company with itself.

In the past one month, the stock of this private sector lender has climbed over 6 percent as against 8 percent rise in the benchmark Sensex. Earlier, IDFC First Bank shares hit 52-week high of Rs 100.74 per share on September 5, 2023.

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According to the exchange filing, the RBI conveyed its ‘no objection’ to the composite scheme of amalgamation, subject to compliance with the terms and conditions specified therein.

“The scheme remains subject to various statutory and regulatory approvals inter-alia including approvals from the National Company Law Tribunal and the respective shareholders of the companies involved in the scheme,” the filing read.

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Earlier, the lender had reported robust loan growth momentum of 26.1 percent year-on-year in the July-September quarter, primarily driven by home loans, wheels, and rural finance.

“With H2FY24 expected to remain strong, we revise our estimates for advances growth upwards and value the bank at 1.9x FY25E ABV. With the festive season  in H2FY24 and with H2 seasonally being better than H1, we believe advances growth would be better in H2FY24,” analysts at Axis Securities said in an earlier note.

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