Shares of IDFC Bank today surged over 7 per cent after it said it has received RBI's approval for merger of Capital First, Capital First Home Finance and Capital First Securities with the company.
The stock soared 7.32 per cent to end at Rs 41.05 on BSE. During the day, it jumped 8.49 per cent to Rs 41.50.
On NSE, shares of the company surged 7 per cent to close at Rs 41.05.
Shares of Capital First also rose by 5.32 per cent to close at Rs 561.35 on BSE.
"The Reserve Bank of India (RBI) has, via its letter dated June 4, 2018, conveyed its 'no objection' for the voluntary amalgamation of Capital First Ltd, Capital First Home Finance Ltd and Capital First Securities Ltd with IDFC Bank," IDFC Bank said in a regulatory filing.
Earlier in January, the company said its board of directors has approved amalgamation of the three entities with IDFC Bank.
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