IDFC First Bank experienced a robust uptick of almost 1% as the Reserve Bank of India (RBI) granted approval for the proposed merger with IDFC Ltd. and IDFC Financial Holding Co.
The banking institution received a communication dated December 18 from the RBI, signaling its ‘no objection’ to the composite scheme of amalgamation. This approval is contingent upon adherence to the stipulated terms and conditions, as per an exchange filing made on Monday.
The merger process is currently pending clearance from the National Company Law Tribunal and approval from the respective shareholders of the entities involved, adding a layer of regulatory and statutory steps before reaching fruition, as highlighted by the bank.
As of 12:09 pm the shares were trading 0.78% higher at ₹90.45