IDFC First Bank said on Friday that its merger with IDFC Ltd has been completed. The bank has confirmed that it has received all the necessary shareholder and regulatory approvals. The merger will be effective from October 1, 2024. The exchange filing said that the board in the meeting has approved the merger of IDFC Financial Holding Company Limited (IDFC FHCL) with IDFC Limited and subsequently IDFC Limited with IDFC FIRST Bank.

IDFC further said that the National Company Law Tribunal (NCLT), Chennai Bench approved the merger plan on September 25, 2024. IDFC said that its board has approved the merger of IDFC FHCL with IDFC Limited, which will be effective from September 30, and the merger of IDFC Limited with IDFC First Bank, which will be effective from October 1.

Record date October 10 As part of the merger, shareholders of IDFC Limited will get 155 equity shares of IDFC First Bank for every 100 equity shares held by them in IDFC, the allotment of which will be based on the record date of October 10, 2024. This is the detail The date of September 30, 2024 has been fixed for the merger of IDFC FHCL with IDFC Limited. The merger of IDFC Limited with IDFC First Bank will take place on October 01, 2024. Share Exchange Ratio IDFC shareholders will receive 155 equity shares of Rs 10 each in IDFC FIRST Bank in exchange for every 100 equity shares of Rs 10 each in IDFC. Apart from this, the bank has appointed V Vaidyanathan as the MD and CEO of the bank for 3 years from December 19, 2024 to December 18, 2027.