IDFC Bank gets RBI nod for composite scheme of amalgamation

On 04 June 2018

IDFC Bank announced that it has received the 'No Objection' from the Reserve Bank of India vide its letter dated 04 June 2018 for the proposed scheme of amalgamation.

Previously, the Board of Directors of IDFC Bank (a subsidiary company of IDFC ) at its meeting held on 13 January 2018 had approved the Composite Scheme of Amalgamation of Capital First , Capital First Home Finance and Capital First Securities (collectively the 'Amalgamating Companies') with IDFC Bank ('Amalgamated Company') and their respective shareholders and creditors under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 ('Proposed Amalgamation'), subject to receipt of applicable regulatory and other approvals.

The Scheme remains subject to receipt of approval from the respective shareholders and creditors of the Amalgamated Company and the Amalgamating Companies, National Company Law Tribunal and other statutory and regulatory approvals, If any.

Powered by Capital Market - Live News