IDFC update on merger with IDFC First Bank

IDFC announced the completion of all the stages of corporate simplifications. The next step is the Amalgamation with IDFC First Bank.

Towards this step, the Board of Directors of IDFC and IDFC Financial Holding Company (IDFC FHCL), at their respective meetings held on 18 March 2023, have approved:

a. Appointment of SSPA & Co., Chartered Accountants as registered valuer for recommendation of fair share exchange ratio;

b. Appointment of Axis Capital for issuance of fairness opinion on the share exchange ratio;

c. Appointment of Cyril Amarchand Mangaldas - Law Firm for conducting legal due diligence, drafting and finalizing scheme of amalgamation and filing regulatory applications.

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