Business: The merger of IDFC First Bank and IDFC Limited has been completed. After all the necessary approvals, it will come into effect from October 1. Shareholders are going to benefit from this merger. Every shareholder of IDFC will be given 155 shares of IDFC Bank in exchange for 100 shares. This merger will simplify the corporate structure of IDFC. The promoters' holding will end and professional management will increase.

IDFC First Bank will not have any holding company 

IDFC First Bank announced the completion of this merger on Friday. The bank said that after shareholders and regulatory approvals, this merger will be implemented from next month. IDFC has set 10 October as the record date for the exchange of shares. These shares will be given to the shareholders before 31 October. The biggest benefit of this merger will now be that the bank will not have any holding company. The bank said that now our shareholding will become as simple as other big private sector banks. There is no promoter holding in other private sector banks as well. Also, the management of the bank will also become easier.

The bank will get Rs 600 crore due to the merger

Due to this merger, the bank will get about Rs 600 crore. IDFC First Bank MD and CEO V Vaidyanathan said that we were trying for this merger for almost two years. After a lot of hard work, we have been able to reach this point. We are hopeful that due to this merger, the bank will get a lot of benefits in the future. We will be able to serve our customers in a better way. Our corporate structure will also now become like other big banks of the sector.