 "IDFC Ltd to invest Rs 2,200 crore in IDFC First Bank, up its stake to 40%")
IDFC Ltd said on Wednesday that it is investing Rs 2,200 crore in IDFC First Bank to increase its stake in the bank to 40 per cent from 36.38 per cent currently.
This is expected to provide growth capital for the bank, the company said in a statement.
Further, the IDFC board has declared a special interim dividend of Rs 11 per share, due to which the Government of India, the largest shareholder in IDFC, would receive a payout of Rs 287 crore.
IDFC Ltd and IDFC Financial Holding have begun the process of merger with IDFC First Bank.
The merger involves finalising the swap ratio, filing of the scheme and obtaining approvals from the stock exchanges, the Reserve Bank of India, and the Competition Commission of India, apart from approvals by shareholders, creditors and NCLT.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →Subscribe to Business Standard digital and get complimentary access to The New York Times
Quarterly Starter
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
Save 46%
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%