 "IDFC Bank to be renamed as IDFC First Bank after merging with Capital First")
IDFC Bank has proposed to change its name to 'IDFC First Bank Ltd' as it is in the process of amalgamating non-banking financial company Capital First with itself.
The Board of Directors of IDFC Bank at its meeting Wednesday decided to seek approval of the Reserve Bank of India to rename the bank as 'IDFC First Bank Limited', the new private sector lender said in a regulatory filing Thursday.
"The change of name would further require approvals of statutory/ regulatory authorities including the Registrar of Companies, Shareholders and other Stakeholders, as may be required," it added.
The bank further said the Amalgamation of Capital First with IDFC Bank "is now at an advanced stage" and has received approvals from the Competition Commission of India, stock exchanges, RBI and the shareholders and creditors of all the parties involved.
The approvals from the National Company Law Tribunals, it said are awaited.
Warburg Pincus-backed Capital First and IDFC Bank, with this merger in an all-stock deal, would create a Rs 88,000-crore combined entity.
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The share swap ratio for the merger is fixed at 139:10, meaning IDFC Bank will issue 139 shares for every 10 shares of Capital First.
IDFC had applied for a banking licence in 2013 and got in-principle approval for the same from the RBI in the following year.
IDFC Bank was inaugurated by Prime Minister Narendra Modi in 2015.