NCLT approves IDFC Bank-Capital First amalgamation scheme; IDFC and Capital First stock climb 5%

The NCLT has approved a composite scheme of amalgamation of Capital First Ltd, Capital First Home Finance Ltd, and Capital First Securities Ltd with IDFC Bank Ltd and their respective shareholders and creditors pursuant to sections 230 to 232 and other applicable provisions of the Companies Act, 2013.

Dec 13, 2018 10:12 IST India Infoline News Service

Shares of IDFC Bank added 5% intraday on Thursday after the NCLT approved a scheme of amalgamation between IDFC Bank and three Capital First Group companies. Capital First also gained 5% in the Thursday afternoon trade. 

“The NCLT approved a composite scheme of amalgamation of Capital First Ltd, Capital First Home Finance Ltd, and Capital First Securities Ltd (collectively referred to as the amalgamating companies) with IDFC Bank Ltd (amalgamated company) and their respective shareholders and creditors pursuant to Sections 230 to 232 and other applicable provisions of the Companies Act, 2013," IDFC Bank said in a press note to the exchanges on Thursday afternoon.

The appointed date of the scheme would be October 01, 2018, it added.

The filing added, “The NCLT, Mumbai Bench, has sanctioned the arrangement embodied in the scheme and has approved the appointed date of the scheme to be October 01, 2018. The scheme will become effective on the filing of the orders passed by both Benches of the NCLT with the Registrar of Companies."

IDFC Bank Ltd share price is currently at Rs39.50, up Rs1.8, or 4.77%, from its previous close of Rs37.70 on the BSE. The scrip opened at Rs37.70 and has touched a high and low of Rs40.05 and Rs37.70, respectively. 

Capital First Ltd ended at Rs544.40 up by Rs25.05 or 4.82% from its previous closing of Rs519.35 on the BSE.

The scrip opened at Rs529 and touched a high and low of Rs554.20 and Rs521.50 respectively. A total of 18,00,945 (NSE+BSE) shares were traded on the counter.

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