IDFC First Bank shareholders have approved the scheme of merger of IDFC Limited with the company.
The National Company Law Tribunal (NCLT) convened a meeting on May 17 to consider and approve the composite scheme of amalgamation for IDFC FIRST Bank. The meeting focused on the amalgamation of IDFC Financial Holding Company into and with IDFC Limited and IDFC Limited into and with the IDFC First Bank.
The resolution approving the Scheme was passed by the requisite majority of the equity shareholders representing more than three‐fourth in value of the equity shareholders of the company, IDFC First said in a regulatory filing.
Read here: IDFC gets CCI nod for merger with IDFC First Bank
The amalgamation scheme also received a majority, with 99.99% of the Non-Convertible Debenture (NCD) Holders representing more than three-fourths in value voting in favor through remote e-voting and e-voting during, it added.
In December 2023, the Reserve Bank of India (RBI) had approved the reverse merger of IDFC Ltd with its banking subsidiary IDFC First Bank.
Read here: Boards of IDFC firms approve merger ratio
The boards of IDFC Financial Holding Co. Ltd, IDFC Ltd, and IDFC First Bank had approved the merger in July 2024.
Under the proposed reverse merger scheme, IDFC shareholders will get 155 shares for every 100 shares held in the bank. IDFC Ltd and IDFC First Bank shares have a face value of ₹10 each.
At 11:55 am, IDFC First Bank shares were trading 0.30 higher at ₹77.47 apiece on the BSE.
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Published: 18 May 2024, 11:49 AM IST