Acquisition | INFRASTRUCTURE DEV FINANCE | 10th October 2024
Initially announced in 2023, a merger was proposed between INFRASTRUCTURE DEV FINANCE and IDFC FIRST BANK LTD. As per the terms of the merger, shareholders in INFRASTRUCTURE DEV FINANCE would receive 155 shares of IDFC FIRST BANK LTD per 100 shares held. On 25 September 2024, the NCLT approved the merger scheme of arrangements. The effective date of the merger is 10 October 2024.
The treatment below will be applied to the following indices:
- INFRASTRUCTURE DEV FINANCE will be removed from the Index.
- The weight of INFRASTRUCTURE DEV FINANCE (IDFC.NS) based on its last close price will be distributed pro rata to remaining Index constituents.
- Effective Date (open): 10/10/2024
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- INFRASTRUCTURE DEV FINANCE will be removed from the Index.
- The shares of IDFC FIRST BANK LTD (IDFB.NS) will be increased according to the stock terms of the transaction.
- Effective Date (open): 10/10/2024
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