Shareholders Approve IDFC's Merger with IDFC First Bank
Moneylife Digital Team 20 May 2024
Shareholders and non-convertible debenture (NCD) holders of IDFC First Bank have approved a proposal to merge parent IDFC Ltd with the lender in a meeting convened by the national company law tribunal (NCLT). 
 
The meeting focused on the amalgamation of IDFC Financial Holding Company Ltd into and with IDFC and IDFC into and with IDFC First Bank.
 
In a statement, IDFC First Bank says, the resolution approving the Scheme received an overwhelming majority, with 99.99% of the non-convertible debenture (NCD) holders representing more than three-fourths in value voting in favor through remote e-voting and e-voting. 
 
The meeting was held on 17 May 2024 through video conferencing and other audio-visual means to consider and approve the composite scheme of amalgamation for IDFC First Bank.
 
The board of IDFC First Bank presented the result of voting on the proposal for amalgamation before the NCLT.
 
Meanwhile, during FY23-24, IDFC First Bank's deposit base crossed Rs2.01 lakh crore.
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