RBI Approves IDFC-IDFC First Bank Merger
The Reserve Bank of India (RBI) has granted approval for the reverse merger of IDFC Ltd with its banking subsidiary, IDFC First Bank. The respective boards of IDFC First Bank and IDFC had previously greenlit the reverse merger in July.
Q: What is the recent approval from RBI regarding IDFC and IDFC First Bank?
A: RBI has given its nod for the reverse merger of IDFC Ltd with its banking subsidiary, IDFC First Bank.
Q: What is the key process in the merger?
A: IDFC Financial Holding Company will first merge with IDFC, followed by the merger of IDFC into IDFC First Bank.
Q: What’s the impact on shareholders?
A: In the proposed reverse merger, IDFC shareholders will receive 155 shares for every 100 shares held in the bank.
Q: How does the merger affect IDFC First Bank’s book value?
A: Post-merger, the standalone book value per share of IDFC First Bank will increase by 4.9%.
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