Big news for customers: a bank merger! This bank will merge; the RBI has authorized it

 Big news for customers: a bank merger! This bank will merge; the RBI has authorized it

Bank Consolidation: The merger of this bank has been approved by the Reserve Bank. We are informing you of its specifics.

IDFC-IDFC Bank Merger: Significant information on the combination of IDFC and IDFC First Bank has surfaced. The combination of both has been approved by the Reserve Bank of India (RBI). The stock market was informed that the bank received RBI permission for the merger on December 18. The Indian Competition Commission has already given its approval to this combination.

Who will get the greatest number of shares?

CCI claims that the fixed ratio determined in this merger is 155:100. In this case, IDFC Bank will get a total of 155 shares rather than 100 IDFC shares. IDFC First Bank is owned by IDFC to the tune of 39.93 percent. In contrast, as of March 2023, IDFC Limited's assets with IDFC Financial Holding were valued at Rs 2.4 lakh crore. In contrast, the bank reported a total profit of Rs 2,437.13 crore with a turnover of Rs 27,194.51 crore for the fiscal year 2023.

A decrease in shares

The shares of IDFC Bank have seen significant volatility after the announcement that the RBI has approved the merger of IDFC and IDFC Bank. On Monday, the bank's shares had dropped by 0.27 percent to settle at 89.74. Concurrently, there has been a 0.24 percent decrease in the BSE Sensex.

After HDFC Bank, this is the second-largest merger agreement.

The merger of IDFC and IDFC Bank is the second-biggest transaction of the year, after the merger of HDFC Bank. The consent of CCI, NCLT, BSE, NSE, and several other regulatory bodies is necessary for the bank merger in addition to the Reserve Bank's approval. IDFC First Bank, IDFC Limited, and IDFC FHCL are uniting into a single entity via this merger. 2018 saw the merger of IDFC Bank and Capital First to become IDFC First Bank.