IDFC Limited Set to Merge with Lender IDFC First Bank

Current Context: IDFC First Bank has approved the merger of IDFC Ltd and IDFC Financial Holding Company with itself through a scheme of amalgamation.

• 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