Shareholders of IDFC First Bank have approved the merger of the bank with IDFC Limited. The bank has said that the majority shareholders have given this approval in the meeting called by the Chennai Bench of the National Company Law Tribunal. The bank’s board informed the NCLT of the outcome of the voting on the merger proposal. He said that 99.95 votes were cast in favor of the merger plan. There are chances of getting the green signal from NCLT on this soon. According to reports, NCLT may also give green signal to the merger of the two soon.
Earlier on December 27 last year, IDFC Limited had said that RBI has given NOC for the merger of IDFC Limited, IDFC FHCL and IDFC First Bank. Last year, in July 2023, the boards of directors of IDFC FHCL, IDFC and IDFC First Bank had given the green signal to this merger.
IDFC First Bank stock has seen a rise and the stock closed at the level of 77.45 with a rise of 0.25 percent. The stock was below the level of Rs 67 a year ago. However, in September last year the stock had reached near the 100 level. In December 2023, the Reserve Bank had approved the reverse merger of IDFC and its banking subsidiary IDFC First Bank.
Whereas IDFC Financial Holding Company Limited, IDFC Limited and IDFC First Bank had approved the merger in July.
