IDFC First Bank’s stock rose nearly 1% on the NSE on November 15 after obtaining ‘no observation’ letters from stock exchanges regarding the proposed amalgamation of IDFC Limited and IDFC Financial Holding Company Limited into IDFC FIRST Bank Limited.
The bank disclosed that it received a ‘no objection’ letter from the National Stock Exchange (NSE) of India Limited and a ‘no adverse observations’ letter from BSE Limited for the merger, dated November 13, 2023.
The merger, approved by the Competition Commission of India on October 17, was initially decided in a board meeting on July 3. The share-exchange ratio for the amalgamation was set at 155 equity shares with a Rs 10 face value of fully paid-up shares of IDFC First Bank for every 100 equity shares of face value Rs 10 each of fully paid-up of IDFC Limited.
In the quarter ending September 2023, IDFC First Bank reported a 35% YoY growth in net profit to Rs 751 crore. The core operating profit surged by 38% to Rs. 1,456 crore, and net interest income (NII) reached Rs 3,950 crore, a 32% increase from the previous fiscal. The net interest margin for the same period improved to 6.32%, compared to 5.83% in the previous fiscal.
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