Capital First hits 52-week high on merger with IDFC Bank

At 09:33 AM; Capital First was trading 7% higher at Rs 895 on BSE, while IDFC Bank quoting 1% higher at Rs 68.45, after falling 4% to Rs 65 on BSE in intra-day trade

Capital First hit a 52-week high of Rs 901, up 8% on BSE in early morning trade after the company engaged in financial services business announced that its board approved the merger of company with IDFC Bank.

IDFC Bank and Capital First on Saturday, January 13, 2018 announced that the boards of directors of IDFC Bank and Capital First at their respective meetings held on January 13, 2018, approved a merger of Capital First with IDFC Bank.

Pursuant to the merger which is subject to regulatory and shareholder approvals, IDFC Bank will issue 139 shares for every 10