IDFC Bank, Capital First gain up to 7% as NCLT approves merger

Capital First surged 7% to Rs 554, while IDFC Bank up 6% to Rs 40.05 on the BSE in intra-day trade.

Shares of IDFC Bank and Capital First have moved higher by up to 7% on the BSE after the National Company Law Tribunal (NCLT) approved their merger.

“Approval of the National Company Law Tribunal to the composite scheme of amalgamation of Capital First, Capital First Home Finance and Capital First Securities with IDFC Bank and their respective shareholders and creditors,” IDFC Bank said in a regulatory filing.

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

The merger