Under the deal, IDFC bank, one of the two newest banks of India, has agreed to give 139 shares for every 10 shares of Capital First, a debt financing firm for small entrepreneurs. The boards also approved a share swap ratio of 139 shares of IDFC Bank for 10 shares of Capital First.
"We believe this merger will be transformational for IDFC Bank". While this deal is in line with IDFC Bank's strategy of becoming a retail focusing bank from an infrastructure dominated financier.
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WTI light sweet oil was down 35 cents at USD63.47 a barrel, having touched its highest since December 2014. The market was bolstered modestly by data showing a sharp decline in US production last week.
V Vaidyanathan, who is now chairman and MD of Capital First, will succeed Lall as MD and CEO of the combined entity upon completion of the merger and necessary regulatory approvals. Lall will step into the role of non-executive chairman of IDFC Bank, subject to regulatory approvals after the merger is complete. He will replace Veena Mankar who will continue to remain on the board.
Capital First, which also counts Singapore state investor GIC among its major investors, will bring in a loan book of nearly 230 billion rupees as of September 30, three million customers and a distribution network spanning 228 locations across the country. Capital first share holder will get 12% premium to the Friday's stock closing price.
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Jessica Feierman, associate director of Juvenile Law Center, said Thursday that the plan "is a huge step forward for Wisconsin". Walker also announced the expansion of a program for youths with mental health needs at the Mendota Juvenile Treatment Center.
Post-merger, the combined entity will have an AUM of Rs 88,000 crore; PAT of Rs 1,268 crore (FY17); and a distribution network comprising 194 branches (as per branch count of December 2017 of both entities), 353 dedicated BC outlets and over 9,100 micro ATM points, serving more than five million customers across the country. The deal is conditional on central bank and other regulatory approvals.
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A conductor and two other officials from a North Korean orchestra will also be part of the delegation, the ministry said. This was considered a benevolent North Korean gesture.