IDFC Bank is expected to change its name to IDFC First Bank following the proposed merger with NBFC Capital First. The bank’s board of directors has proposed that the bank approach the Reserve Bank of India for the change. The bank made a mention of this proposal in a regulatory notification. The change in the name would also require approvals of the Registrar of Companies, shareholders and other stakeholders. The notification also mentioned that the amalgamation process is now in an advanced stage and has received approvals of the Competition Commission of India, stock exchanges, RBI and the shareholders and creditors of all the parties involved. The merger is expected to create a Rs 880 billion entity. The two institutions have agreed to have a share swap ratio of 139:10 – IDFC Bank will issue 139 shares for every 10 shares of Capital First.
