IDFC to merge with IDFC First Bank

The boards of IDFC First Bank and IDFC Ltd have approved a merger between the entities. Shareholders will receive 155 IDFC First Bank shares for every 100 IDFC shares held. “After the proposed merger, the standalone book value per share of the Bank would increase by 4.9%, as calculated on audited financials as of March 31, 2023,” a statement said.