Shareholders and non-convertible debenture (NCD) holders of IDFC First Bank have approved a proposal to merge parent IDFC Ltd with the lender.
The National Company Law Tribunal (NCLT) convened a meeting on May 17 through video conferencing and other audio-visual means to consider the amalgamation for IDFC First Bank, the bank said.
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“We wish to inform that the resolution approving the Scheme was passed by the overwhelming majority of 99.95 per cent of the equity shareholders,” the lender said.
The proposal was also passed by 99.99 per cent of the NCD holders.
As part of the plan, IDFC Financial Holding Company Limited would first merge with IDFC and then IDFC into IDFC First Bank Ltd.
PTI
