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The National Company Law Tribunal (NCLT) has approved the amalgamation of Capital First, Capital First Home Finance, and Capital First Securities with IDFC Bank.
“NCLT, Chennai Bench, has sanctioned the arrangement embodied in the scheme and has approved the appointed date of the scheme to be October 1, 2018,” IDFC Bank said in a regulatory filing on Thursday.
Similarly, the final hearing at the NCLT, Mumbai Bench, was held on December 6, following which it has also given its go ahead and approved the appointed date of the scheme to be October 1, it further said.
“The scheme will become effective on filing of the orders passed by both Benches of the NCLT with the Registrar of Companies,” it added.
IDFC Bank and Capital First had, on January 13 this year, announced a plan to merge. In June, IDFC Bank said it has received the ‘no objection’ from the Reserve Bank of India for the merger. Then, on October 25, IDFC Bank had said its board has approved making an application to the Reserve Bank of India to change its name to IDFC First Bank Limited.
IDFC Bank shares gained 4.64 per cent on the BSE and closed at ₹39.45 apiece, while Capital First’s scrip rose 4.82 per cent to end at ₹544.40 apiece.
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