NOD For IDFC First Bank Amalgamation

MUMBAI: We are pleased to announce that the Hon’ble National Company Law Tribunal (NCLT) convened a meeting on May 17, 2024, at 4:00 p.m. IST through video conferencing and other audio-visual means to consider and approve the composite scheme of amalgamation for IDFC FIRST Bank.

The meeting focused on the amalgamation of:

IDFC Financial Holding Company Limited (“Transferor Company”) into and with IDFC Limited (“Transferee Company”).IDFC Limited (“Amalgamating Company”) into and with the Bank (“Amalgamated Company”).The Scheme of Amalgamation has been structured under Sections 230 to 232 of the Companies Act, 2013, and the Companies (Compromises, Arrangements, and Amalgamations) Rules, 2016, along with other relevant regulations.

We are delighted to inform you that the resolution approving the Scheme received an overwhelming majority, with 99.99% of the Non-Convertible Debenture (NCD) Holders representing more than three-fourths in value voting in favor through remote e-voting and e-voting during the meeting.

Meanwhile, ICRA gave a stable rating to IDFC FIRST Bank

* The deposit base of the Bank crosses Rs. 2.01 lakh crore in FY2024* The bank maintains a high level of retail depositsLeading rating agency ICRA Ltd (ICRA) has assigned ICRA AA+/Stable rating to the Rs 3,000-crore TIER-II (under Basel-III) bonds of IDFC FIRST Bank. The rating agency has also reaffirmed the ICRA AA+/Stable rating for the existing Long-Term instruments.ICRA has also withdrawn the rating outstanding on the matured non-convertible debentures (NCDs) amounting to Rs 3,815 crore as these have been fully redeemed, the private sector lender said.

About Author