Big news has come on the merger of IDFC First Bank and IDFC. IDFC First Bank has informed that the National Company Law Tribunal i.e. NCLT Chennai Branch has approved the merger of IDFC Financial Holding Company with IDFC and the merger of IDFC with IDFC First Bank. Earlier in the month of May this year, the shareholders of IDFC First Bank had also approved the merger. More than three-fourths of the shareholders approved the proposal. In Wednesday's trading, IDFC's stock closed below the level of 110 with a decline of about one percent.

What did the market know?

In the information sent to the stock market, IDFC said that on September 25, NCLT Chennai Branch has issued its final order on the merger of IDFC Financial Holding with IDFC and IDFC with IDFC First Bank. NCLT has approved this scheme. The scheme was approved by the Board of Directors on 3 July 2023. At the same time, in December 2023, the Reserve Bank approved the reverse merger of IDFC into its banking subsidiary. Under the merger scheme, IDFC shareholders will get 100 shares of IDFC First Bank in exchange for every 155 shares of theirs. How was the performance of the stock? In Wednesday's trading, IDFC's stock closed with a decline of 0.9 percent at 109.85. The stock's highest level of the year is 133.75, which was recorded about a year ago. At the same time, the lowest level of the year of 104.55 was seen last month. The stock of IDFC First Bank closed at 73.02 on Wednesday, down 0.94 percent. The stock's highest level of the year was 98.3 and the lowest level of the year was 70.45.