India's IDFC rises nearly 3% as it prepares for merger with IDFC First Bank

IDFC

21/03/2023 08:00

** Shares of IDFC  IDFC.NS  rises as much as 2.87%, most
intraday gains in over two weeks, to 78.80 rupees
    ** Non-banking finance company (NBFC) says it has completed
corporate simplications ahead of the proposed merger with IDFC
First Bank  IDFB.NS , in an exchange filing during market hours
on Tuesday
    ** IDFC and IDFC Financial Holding approve appointment of
Axis Capital for fairness opinion on share exchange ratio for
merger with IDFC Bank  urn:newsml:reuters.com:*:nFWN35T00J
    ** "The next step is the amalgamation with IDFC First Bank,"
IDFC says, adding that the amalgamation is proposed to be
completed during the financial year
    ** IDFC had given in-principle approval to invest 22 bln
rupees in IDFC First Bank to raise its shareholding, on Feb. 1
 urn:newsml:reuters.com:*:nL1N34K03O
    ** Trading volume is 3.81 mln shares as of 1:24 p.m. IST,
0.4x the 30-day average of 9.8 mln shares
    

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))