Shareholders Of IDFC First Bank Approve Merger Of IDFC Ltd With The Bank

IDFC Ltd received a no objection certificate (NOC) from the Reserve Bank of India (RBI) to proceed with the merger of IDFC Ltd, IDFC FHCL, and IDFC First Bank in December last year

The bank said that the merger proposal was approved by a majority of 99.95 per cent of the equity shareholders

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IDFC First Bank said on Friday that the majority shareholders of the lender have apporved the merger of IDFC Ltd with the bank. The bank issued an official filing with the exchange and informed that the shareholders have passed the amalgamation at a meeting held by the Chennai branch of the National Company Law Tribunal (NCLT).

The bank notified, “We wish to inform that the resolution approving the Scheme was passed by overwhelming majority of 99.95 percent of the equity shareholders representing more than three-fourth in value of the equity shareholders of the Bank voting through remote e-voting and e-voting during the meeting, in terms of the provisions of Sections 230-232 of the Companies Act, 2013.”

The lender informed that the meeting was attended by Satish Gaikwad, Head - Legal and CS, IDFC First Bank, along with some senior management of the bank including Sanjeeb Chaudhuri, Chairperson, Board of Directors, and Sudhanshu Jain, CFO and Head - Corporate Centre.

“We wish to inform you that the Hon’ble NCLT convened meeting was held on May 17, 2024, at 2:00 p.m. (1400 hours) IST through video conference/ other audio-visual means for considering and approving the composite scheme of amalgamation for the amalgamation of: (i) IDFC Financial Holding Company Limited (“Transferor Company”) into and with IDFC Limited (“Transferee Company”), and (ii) IDFC Limited (“Amalgamating Company”) into and with the Bank (“Amalgamated Company”), and their respective shareholders, under Sections 230 to 232 of the Companies Act, 2013, the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 and other rules and regulations framed thereunder (“Scheme”),” the bank statement noted.

Notably, IDFC Ltd received a no objection certificate (NOC) from the Reserve Bank of India (RBI) to proceed with the merger of IDFC Ltd, IDFC FHCL, and IDFC First Bank in December last year.