Capital First, IDFC Bank up 6% on completion of merger

In past one week, Capital First and IDFC Bank have rallied 15% each after the NCLT approved their merger.

Shares of Capital First (Rs 600) and IDFC Bank (Rs 43.40) were up 6% each on the BSE after these companies informed about the completion of their merger following the receipt of all requisite shareholder and regulatory approvals. The merged entity will be called IDFC First Bank, subject to shareholders’ approval.

In past one week, Capital First and IDFC Bank have rallied 15% each after the National Company Law Tribunal (NCLT) approved their merger. In comparison, the S&P BSE Sensex was up 2% during the same period.

Following the merger, the Board of IDFC Bank on Tuesday approved