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The merger of Capital First and its subsidiaries with IDFC Bank is in final stages with the merged entity likely to take shape by the year end.
Shareholders of Capital First, Capital First Home Finance and Capital First Securities Limited have approved the amalgamation at a meeting convened on Thursday by the National Company Law Tribunal, Mumbai Bench. The resolution approving the amalgamation was passed with ‘requisite majority’Capital First said in a regulatory filing on Friday.IDFC Bank’s share holders had approved the merger on September 4.
Post merger, Rajiv Lall, MD and CEO, IDFC Bank will take over as non-executive Chairman. V Vaidyanathan, CMD, Capital First, will be the MD and CEO.
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