India: IDFC Bank announces merger with Capital First

Photo: Aniruddha Chowdhury/Mint

IDFC Bank and non-banking finance company Capital First on Saturday announced a merger of the two businesses to form a combined entity of assets under management of Rs88,000 crore and distribution network of 194 branches. As per the agreement, IDFC Bank will issue 139 shares for every 10 shares of Capital First.

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