Private lender IDFC Bank will soon be christened as ‘IDFC First Bank Ltd‘ as it is in the process of merging with Non-Banking Financial Company Capital First.
The Board of Directors of the lender during a meeting decided to get a final nod from the Reserve Bank of India for rename the bank as ‘IDFC First Bank Limited‘, the said private lender during a regulatory filing.
“The change of name would further require approvals of statutory/ regulatory authorities including the Registrar of Companies, Shareholders and other Stakeholders, as may be required,” it added.
It further said the merger of Capital First with IDFC Bank “is now at an advanced stage” and it has already received approvals from the Competition Commission of India, stock exchanges, RBI and the shareholders and creditors of all the parties involved.
It added that only the approval from the National Company Law Tribunals is awaited.
The merger of Warburg Pincus-backed Capital First and IDFC Bank would create a Rs 88,000-crore combined entity.
Minister Narendra Modi inaugurated IDFC Bank in 2015. The lender had applied for its banking license in 2013 and received in-principle approval for the same from the RBI in the following year.