IDFC to merge with IDFC First Bank

IDFC Ltd shares which closed with a gain of 6.29 per cent at Rs 109.10 has a market capitalisation of Rs 17,455 crore.

IDFC First Bank closed at Rs 81.94 with a gain of 3.20 per cent on the BSE. It has a market capitalization of Rs 54,311 crore. As a result of the proposed merger, the standalone book value per share of the bank would increase by 4.9 per cent, as calculated on audited financials as of March 31, 2023.

“The merger will lead to simplification of the corporate structure of IDFC FHCL, IDFC Limited and IDFC First Bank by consolidating them into a single entity and will help streamline the regulatory compliances of the aforesaid entities,” the bank said.