- CCI gave approval for the merger of IDFC with IDFC First Bank.
- The Infrastructure Development Finance Company (IDFC) has received approval from the Competition Commission of India (CCI) for its merger with IDFC First Bank.
- The merger had received approval from the board of directors of IDFC and IDFC First Bank on July 3.
- The proposed merger will come into effect after approval from the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI) and the National Company Law Tribunal (NCLT).
- As of 30 June 2023, IDFC holds a stake of 30.93 per cent in IDFC First Bank through its non-financial holding company.
- After the merger, shareholders of IDFC will get 155 shares of IDFC First Bank for every 100 shares.
- IDFC First Bank is an Indian private-sector bank. It was founded in 2015. It is headquartered in Mumbai.
Infrastructure Development Finance Company Limited
- It is a finance company under the Department of Financial Services, Government of India.
- It was founded in 1997. It is headquartered in Chennai, Tamil Nadu.