IDFC FIRST Bank, combined entity formed after the merger of Capital First Ltd. with IDFC Bank Ltd., listed its new shares on the National Stock Exchange of India Ltd. (NSE) and BSE Ltd. (BSE).
All shares of IDFC FIRST Bank, existing as well as new, will now trade under the symbol IDFC FIRST on NSE and under the scrip ID 539437 on BSE.
Present on the occasion of listing at NSE, were Mr. V Vaidyanathan, MD&CEO of IDFC FIRST Bank and Mr. Vikram Limaye, MD & CEO, NSE.
Speaking on the occasion, Mr. V Vaidyanathan said, “The listing is an important step in bringing the benefits of the combined entity to shareholders and investors. The new logo and trading symbol of IDFC FIRST Bank captures our core purpose - that of relentlessly focussing on serving customers better and expanding our reach across underserved and high-value market segments.”
IDFC FIRST Bank now offers a wider array of retail and wholesale banking products, services and digital innovations. It is committed to enriching banking experience for the masses, by delivering technology-led quality banking services.
The Bank serves 7.2 million customers through its 203 bank branches, 129 ATMs, 454 rural business correspondent centres across the country’s urban and rural geographies.
The merger of Capital First Ltd. with IDFC Bank was announced on January 13, 2018. As per the terms of the merger agreement, shareholders have received 139 shares of IDFC Bank for 10 shares held in Capital First Ltd.
The merger was completed on December 18, 2018, following the receipt of all requisite shareholder and regulatory approvals. The merged entity is now called IDFC FIRST Bank.
On a combined basis, IDFC FIRST Bank has on-book loan assets of Rs. 1,02,683 crore, as per the last reported financial results for the quarter ended September 30, 2018. The retail loan book now contributes 32.46% to the overall loan book.