IDFC First Bank jumps as its board favours merger with IDFC, IDFC Financial Holding

IDFC First Bank is currently trading at Rs. 48.40, up by 0.95 points or 2.00% from its previous closing of Rs. 47.45 on the BSE.

The scrip opened at Rs. 48.10 and has touched a high and low of Rs. 48.85 and Rs. 47.25 respectively. So far 1154775 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 69.30 on 04-Mar-2021 and a 52 week low of Rs. 36.20 on 31-Dec-2020.

Last one week high and low of the scrip stood at Rs. 48.85 and Rs. 43.80 respectively. The current market cap of the company is Rs. 29957.46 crore.

The promoters holding in the company stood at 36.52%, while Institutions and Non-Institutions held 29.15% and 34.33% respectively.

IDFC First Bank’s board has favoured the merger IDFC and IDFC Financial Holding (Promoter Group) with ‘IDFC FIRST Bank’. The board has expressed that it is in-principle, in favour of the above merger, subject to the approval of the Board of Directors, shareholders, creditors, statutory and regulatory approvals of the respective entities.

The Board has constituted and authorized a committee namely ‘Capital Raise and Corporate Restructuring Committee’, to work on the terms of proposed merger including finalizing the Scheme, Valuation, hiring advisors etc. as required.

IDFC First Bank provides a range of financial solutions to individuals, small businesses and corporates.

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