IDFC First Bank announced the merger of promoter IDFC Ltd with itself in all share deal.
· IDFC First Bank to issue 155 shares of the bank for every 100 shares of IDFC
· As part of the merger scheme, IDFC Financial Holding Company will first merge with IDFC and the merged entity will then be absorbed by IDFC First Bank
· As a result of the proposed merger, the standalone book value per share of the Bank would increase by 4.9% - the bank said
· The merger will lead to simplification of the corporate structure of IDFC FHCL, IDFC Limited and IDFC FIRST Bank by consolidating them into a single entity and will help streamline the regulatory compliances of the aforesaid entities
· The merger will help create an institution with diversified public and institutional shareholders, like other large private sector banks, with no promoter holding.
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