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IDFC FIRST Bank begins process for 3-way merger; stock ends flat

The merger would be subject to the shareholders, creditors, statutory and regulatory approvals of the respective entities

IDFC First Bank
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Abhijit Lele Mumbai
Private lender IDFC FIRST Bank has set in motion the process of merging IDFC Ltd and IDFC Financial Holding Company with itself.

Both entities form part of the bank promoter group. The bank, however, did not elaborate on the timeline for the merger. The board of directors of the bank at its meeting held on Thursday considered the merger proposal. It was, in principle, in favour of it, it informed the BSE.

The boards of IDFC and IDFC Financial Holding Company too have given the nod for it.

IDFC Financial Holding Company hold 36.52 per cent in the bank as

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First Published: Dec 30 2021 | 11:16 PM IST

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