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IDFC Bank to acquire Capital First

IDFC Bank is set to acquire Capital First through a share swap deal. The respective boards of the two organizations have agreed to the merger. A joint statement said the deal is pursuant to IDFC Bank’s stated strategy of realizing its business to complete their transformation from a dedicated infrastructure financier to a well diversified universal bank with an asset base of Rs 88,000 crore. Under the deal 10 shares of Capital First will fetch 139 shares of IDFC Bank. The deal is estimated to be worth Rs 9,541.57 crore. V. Vaidyanathan, who is currently CMD of Capital First, will become the CMD of the combined entity upon completion of the merger and necessary regulatory approvals. Rajiv Lall, who is now MD and CEO of IDFC Bank, will step into the role of non-executive chairman of the bank, subject to regulatory approvals, replacing Veena Mankar, who will remain on the board of the bank. Capital First will get to the bank a loan book of Rs 22,974 crore, as on September 2017, a live customer base of 3 million and a distribution network in 228 locations across the country. Nearly one-third of Capital First is owned by private equity firm Warburg Pincus. It has also Singapore state investor GIC among its list of major investors.

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