IDFC Bank is now IDFC First Bank

IDFC Bank has changed its name to IDFC First Bank.

The new name of the bank has come into effect from January 12. The bank has also got a certificate from the Registrar of Companies, Chennai. 

Explain that the name of the bank has been changed after the merger of IDFC Bank and non-banking financial company Capital First. On December 18, the bank and Capital First had announced the merger was completed. Explain that the merger of the two companies was announced on January 13, 2018. Under the scheme, the bank allocated 1,37,71,09,057 equity shares to the shareholders of the company. The bank allocates shares to the eligible shareholders of Capital First, according to the plans for merger with Capital First, Capital First Home Finance and Capital First Securities itself.

The IDFC Bank Board has approved the appointment of Capital First as the Managing Director and Chief Executive Officer of the new company, V. Vaidyanathan. 

It is worth mentioning that IDFC First Bank has a network of 194 branches and a base of more than 5 million consumers, with an AUM of 88,000 crore (assets under Management) as well. 

IDFC Bank’s shares in the BSE opened at Rs 47.00 against the previous closed level of 46.60 rupees. After touching an upper level of Rs 47.35, it is now around 0.30 or 0.64% with an increase of Rs 46.90. In the last 52 weeks, the share of the bank rose to Rs 70.35 and slipped down to the lowest of 32.70 rupees.

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