IDFC First Bank and IDFC gain on exchange give merger deal the green light – The National Stock Exchange of India Limited issued an observation letter with a ‘no objection’ and the BSE Limited issued an observation letter with a ‘no adverse observations’.
IDFC First Bank traded nearly 1% higher on the NSE in the early hours of November 15 after the stock exchanges issued ‘no observation’ letters in relation to the proposed merger of IDFC Limited and IDFC Financial Holding Company Limited into IDFC FIRST Bank Limited.
IDFC shares gained about 1.3 percent, putting the stock at Rs 120.45, while IDFC First Bank was trading at Rs 87.10 at 9:50 a.m.
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In a regulatory filing on November 14, IDFC First Bank stated that it had received observation letters with “no objection” and “no adverse observations” regarding the merger from the National The BSE Limited and the Stock Exchange of India Limited, in that order.
The merger was approved by the Competition Commission of India (CCI) on October 17, according to a regulatory filing. The merger was originally approved at a board meeting on July 3. At the time, the company stated that the share-exchange ratio for the “amalgamation of IDFC Limited with IDFC First Bank shall be 155 equity shares of IDFC First Bank with a face value of Rs 10 each for every 100 equity shares of IDFC Limited with a face value of Rs 10 each.” Click here for more information
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