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Capital First hits 52-week high on merger with IDFC Bank

At 09:33 AM; Capital First was trading 7% higher at Rs 895 on BSE, while IDFC Bank quoting 1% higher at Rs 68.45, after falling 4% to Rs 65 on BSE in intra-day trade

SI Reporter  |  Mumbai 

IDFC Bank to merge with Capital First, Vaidyanathan to succeed Lall
Illustration: Binay Sinha

hit a 52-week high of Rs 901, up 8% on BSE in early morning trade after the company engaged in financial services business announced that its board approved the of company with

and on Saturday, January 13, 2018 announced that the boards of directors of and at their respective meetings held on January 13, 2018, approved a of with

Pursuant to the which is subject to regulatory and shareholder approvals, will issue 139 shares for every 10 shares of Capital First, the lenders said in separate filings to the exchanges.

This announcement is pursuant to IDFC Bank's stated strategy of "retailising" its business to complete their transformation from a dedicated infrastructure financier to a well-diversified universal bank, and in line with Capital First’s stated intention and strategy to convert to a universal bank, it added.

Mr. Vaidyanathan, currently Chairman and MD of Capital First, will succeed Dr. Rajiv Lall as MD and CEO of the combined entity upon completion of the and necessary regulatory approvals.

At 09:33 AM; the stock of was trading 7% higher at Rs 895 on BSE. was quoting 1% higher at Rs 68.45, after falling 4% to Rs 65 on BSE in intra-day trade so far. It hit high of Rs 69.65 in early morning trade.


First Published: Mon, January 15 2018. 09:33 IST
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