After HDFC, now these two big banks will merge, there will be a huge jump in shares

New Delhi (Best Hindu News): After HDFC Bank, now IDFC First Bank and IDFC Limited are also going to merge. This has been approved by the Board of Directors of IDFC First Bank. Along with this, the share exchange ratio has also been fixed. Under this, shareholders of IDFC Limited will be allotted 155 shares in the bank for every 100 shares held. After the approval of the merger, a jump of up to 4.9 percent in the value of shares of IDFC First Bank will also be recorded.

However, this merger is yet to be approved by RBI, Competition Commission of India (CCI), SEBI, NCLT and all other regulatory institutions including stock exchanges. Apart from this, approval from the shareholders of the companies is also pending. Once approved, this will be the second largest merger in the financial sector in India after the merger of HDFC Bank and HDFC Bank.

IDFC First Bank informed that this is being done for the purpose of simplification of the corporate structure of IDFC FHCL, IDFC Limited and IDFC First Bank. This will also make it easier to comply with the regulations. Let us tell you that by the end of the financial year 2022-23, IDFC First Bank had assets worth Rs 2.4 lakh crore. Its turnover was Rs 27,194 crore. In FY23, the bank had a profit of Rs 2437 crore.