courtesy: Business Standard
IDFC First Bank shareholders have approved the scheme or merging IDFC Limited with the company.
The National Company Law Tribunal (NCLT) convened a meeting on May 17 to consider and approve the composite scheme of amalgamation for IDFC First Bank. The meeting focused on the amalgamation of IDFC Financial Holding Company into and with IDFC Limited and IDFC Limited into and with the IDFC First Bank.
The majority of equity shareholders, which passed the resolution approving the Scheme, represented more than three fourth in value of the equity shareholders of the company, said IDFC First in a regulatory filing.
The amalgamation scheme has also been the recipient of 99.99% of the Non-Convertible Debenture (NCD) Holders representing more than three- fourth in value voting in favour through remote e- voting and e- voting during, it added.
The Reserve Bank of India, in December 2023, had approved the reverse merger of IDFC Ltd with its banking subsidiary IDFC First Bank.
