IDFC Ltd to merge with IDFC Financial Holding Ltd to form a single unit
- ByTejika Bajaj | December 31, 2021
The IDFC First Bank recently revealed that its board of directors have pointed a favourable eye towards the merger between IDFC Ltd and IDFC Financial Holding Company Ltd, which is a promoter group owned subsidiary.
The merger is likely to go through in the second week of January. Currently, the talks of the merger are only on the table for discussion amongst the board members.
In its regulatory filings, the financial institution revealed that the merger is currently just a subject of thought and lacks the approval of the board of directors, shareholders, creditors, as well as the statutory and regulatory entities.
Keeping itself ready and rolling for the merger, IDFC Bank’s board has instituted as well as authorised a ‘Capital Rise and Corporate Restructuring Committee’ with the aim of working upon the terms of the proposed merger including finalization of its scheme, valuation and hiring advisors.
The board members of IDFC Ltd as well as IDFC Financial Holding Company Ltd have recently given the proposed merger a ‘in principle’ approval for moving ahead.
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