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News: Pursuant to approval from NCLT, Board of IDFC First Bank has considered receipt of the order and fixed dates for the scheme of amalgamation. Accordingly, amalgamation of IDFC Financial Holding Company with IDFC Ltd will be effective from 30 Sep 2024, while amalgamation of IDFC Ltd with IDFC First Bank will be effective from 1 October 2024. As per the scheme, shareholder of IDFC Ltd (holding 100 shares) will be entitled for shares of IDFC First Bank shares (155 shares), wherein record date set as 10th October 2024.
Views: While this deal is not expected to impact valuation in near term, completion of amalgamation will put an end to the scheme with investors focus diverted only on fundamental performance of the bank.
Impact: Neutral