In a significant development, IDFC First Bank’s merger with IDFC Ltd has taken another step forward towards its completion. The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) have granted their approval for the merger, marking a crucial milestone in the consolidation of these two financial giants.
The merger, which has already received the green light from the boards of both IDFC First Bank and IDFC Ltd, as well as the Competition Commission of India (CCI) and the Reserve Bank of India (RBI), is poised to create a formidable financial institution with a robust balance sheet.
Upon finalization, the combined entity will boast a substantial total asset base exceeding ₹12 lakh crore and will serve a vast customer base comprising over 75 million individuals.
Nonetheless, the merger is still pending approval from the National Company Law Tribunal (NCLT) and the shareholders of both companies. Once these final approvals are secured, the merger is expected to be concluded within the current financial year.
Here is a concise timeline of the key events in the merger process:
• July 3, 2023: The merger receives the approval of the boards of IDFC First Bank and IDFC Ltd.
•October 17, 2023: The Competition Commission of India (CCI) endorses the merger.
• October 21, 2023: The Reserve Bank of India (RBI) grants approval for the merger.
• November 13, 2023: The merger secures the go-ahead from the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
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