IDFC share price gained 12.5% and was traded, while IDFC First Bank gained 2.5%.
Till 1 pm the stock price of IDFC limited was trading above 12% higher at Rs 63.65 and the same IDFC first bank also saw a rise of almost 2.8% in the stock price higher at Rs 49.30.
This is because IDFC first bank said that their board has favored a 3-way merger with IDFC Limited and IDFC Financial Holding Company Limited (IDFC FHCL).
IDFC limited has 100% stack in IDFC FHCL and same IDFC FHCL has 36.52% stack in IDFC first bank.
- IDFC Limited 100% stack in IDFC FHCL
- IDFC FHCL has 36.52% stake in IDFC first bank.
The board, shareholders and other regulatory approvals are still pending in this 3-way merger.
IDFC First Bank said that they have also set up a corporate restructuring committee to finalize the terms, scheme, valuation, etc. of this merger.
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Because IDFC first bank said that their board has favored a 3-way merger with IDFC Limited and IDFC Financial Holding Company Limited (IDFC FHCL).
IDFC Limited 100% stack in IDFC FHCL
IDFC FHCL has 36.52% stake in IDFC first bank.