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Home About The Merger

About The Merger

About the merger

A. Has the merger of Capital First Ltd. with IDFC Bank Ltd. concluded?

The merger has been approved by the Hon’ble National Company Law Tribunals of Mumbai and Chennai and other regulatory bodies. The merger became effective on 18th December 2018.

While the merger has been approved, we are in the process of consolidating all the processes of the two organizations and soon we will have a single window for both Capital First and IDFC Bank customers to transact and strengthen the relationship with the combined entity.

B. Sequence of Events

Sequence of Events:
1. 13th January 2018 : Announcement of Merger
2. 16th February 2018: Receipt of Approval from National Housing Bank (NHB)
3. 7th March 2018 : Receipt of Approval from Competition Council of India (CCI)
4. 14th March 2018 : Receipt of Approval from Bombay Stock Exchange (BSE) – Currency Derivative Segment
5. 26th March 2018: Receipt of Approval from National Stock Exchange (NSE) – Currency Derivative Segment
6. 25th May 2018 : Receipt of Approval from Bombay Stock Exchange (BSE)
7. 25th May 2018 : Receipt of Approval from National Stock Exchange (NSE)
8. 4th June 2018 : No Objection Certificate (NOC) from the Reserve Bank of India (RBI)
9. 3rd September 2018: Receipt of Approval from the shareholders of IDFC Bank. 47.25% of shareholders (as per holding) participated in the valid voting process and 99.98% of them voted in favour of the merger.
10. 3rd September 2018: Receipt of Approval from the creditors of IDFC Bank. 100% of Secured Creditors voted in favour of the merger.
11. 4th October 2018: Receipt of Approval from the shareholders of Capital First Limited. 74.67% of shareholders (as per holding) participated in the valid voting process and 99.90% of them voted in favour of the merger.
12. 4th October 2018: Receipt of Approval from the creditors of Capital First Limited. 99.96% of Secured Creditors voted in favour of the merger.
13. 5th December 2018: National Company Law Tribunal (NCLT) – Chennai Bench completed the hearing of the merger from IDFC Bank perspective.
14. 6th December 2018: National Company Law Tribunal (NCLT) – Mumbai Bench completed the hearing of the merger from Capital First Limited perspective.
15. 12th December 2018: National Company Law Tribunal (NCLT) – Chennai Bench passes the written order for the merger.
16. 13th December 2018: National Company Law Tribunal (NCLT) – Mumbai Bench passes the written order for the merger.
17. 14th December 2018: Intimation to the RBI on NCLT orders.
18. 18th December 2018: Filing of Application with Registrar of Companies (ROC)
19. 18th December 2018: Board Meeting of IDFC Bank
20. 31st December 2018: Record Date for conversion of Capital First shares to IDFC Bank shares (as declared on 18th December 2018)

C. What is the effective date of the merger?

Effective date of merger is 18th December 2018.

D. Is Capital First & IDFC Bank one company?

Yes, the Honorable National Company Law Tribunals of Mumbai and Chennai have approved the merger of Capital First Limited with IDFC Bank Limited and with effect from 18th December 2018, Capital First and IDFC Bank will operate as one entity.

With this merger, IDFC First Bank is now one stop solution for all banking needs, be it loans, savings or business banking products. Our customers will now have the benefit of availing an array of products include Consumer Durable Loans, Personal Loans, Two Wheeler Loans, Business Loans and Mortgage Loans along with unparalleled Fixed Deposit rates, Savings Account with top-of-the-line debit card, customized Wealth Management solutions and much more.

E. What is IDFC First Bank?

IDFC First Bank is the board approved name of the new combined entity (subject to requisite approvals). Once the approvals are received, IDFC Bank Limited will be renamed as IDFC First Bank Limited.

F. Does Capital First Limited continue to operate?

Capital First Limited & Capital Home Finance Limited are now merged with IDFC Bank Limited and will not operate as separate companies. However, all the customers of Capital First Limited and Capital Home Finance Limited automatically become IDFC First Bank customers.

The servicing of the products will continue without any hindrances. All the processes, website, mobile app of Capital First will continue to operate as before in the new entity.

We are in the processing of merging the operations of the two organizations, until then Capital First brand may be used in communication.

G. What is the merged entity called?

The merged entity is called IDFC First Bank

Effective 18th December 2018, Capital First & IDFC Bank have merged. The merged entity is now IDFC FIRST Bank. The website of the combined institution – IDFC FIRST Bank is under preparation & will be unveiled soon. Click here to Know more Effective 18th December 2018, Capital First & IDFC Bank have merged. The merged entity is now IDFC FIRST Bank. The website of the combined institution – IDFC FIRST Bank is under preparation & will be unveiled soon. Click here to Know more Effective 18th December 2018, Capital First & IDFC Bank have merged. The merged entity is now IDFC FIRST Bank. The website of the combined institution – IDFC FIRST Bank is under preparation & will be unveiled soon. Click here to Know more Effective 18th December 2018, Capital First & IDFC Bank have merged. The merged entity is now IDFC FIRST Bank. The website of the combined institution – IDFC FIRST Bank is under preparation & will be unveiled soon. Click here to Know more Effective 18th December 2018, Capital First & IDFC Bank have merged. The merged entity is now IDFC FIRST Bank. The website of the combined institution – IDFC FIRST Bank is under preparation & will be unveiled soon. Click here to Know more