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IDFC Limited Set to Merge with Lender IDFC First Bank

Published on July 04, 2023
Current Context: IDFC First Bank has approved the merger of IDFC Ltd and IDFC Financial Holding Company with itself through a scheme of amalgamation.
IDFC Limited Set to Merge with Lender IDFC First Bank
  • The share exchange ratio for the merger will be 155 equity shares of IDFC First Bank for every 100 equity shares of IDFC.
  • The merger is expected to be completed by the end of this year. The book value per share of the bank would increase by 4.9% post the merger.
  • This is the second major merger deal in the financial space after HDFC Bank and Housing Development Finance Corporation.

Question:

Q.1 Which bank has approved the merger of IDFC Ltd and IDFC Financial Holding Company with itself?
a. HDFC Bank
b. ICICI Bank
c. IDFC First Bank
d. Axis Bank
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