<p>New Delhi: Shareholders and non-convertible debenture (NCD) holders of <a href="https://www.deccanherald.com/tags/idfc-first-bank">IDFC First Bank</a> have approved a proposal to merge parent IDFC Ltd with the lender.</p>.<p>The National Company Law Tribunal (<a href="https://www.deccanherald.com/tags/nclt">NCLT</a>) convened a meeting on May 17 through video conferencing and other audio-visual means to consider and approve the composite scheme of amalgamation for IDFC First Bank, the bank said in a regulatory filing.</p>.<p>The board of the bank presented the result of voting on the proposal for amalgamation before the NCLT.</p>.<p>"We wish to inform that the resolution approving the Scheme was passed by the overwhelming majority of 99.95 per cent of the equity shareholders, representing more than three-fourths in value of the equity shareholders of the bank voting through remote e-voting and e-voting during the meeting, in terms of the provisions of Sections 230-232 of the Companies Act, 2013," the lender said.</p>.RBI approves appointment of Pradeep Natarajan as IDFC FIRST Bank's Whole Time Director.<p>In a separate filing, it said the proposal was passed by the overwhelming majority of 99.99 per cent of the NCD holders.</p>.<p>As part of the composite scheme of amalgamation, IDFC FHCL would first merge with IDFC and then IDFC into IDFC First Bank Ltd.</p>.<p>Under the proposed reverse merger scheme, an IDFC shareholder will get 155 shares for every 100 shares she/he holds in the bank. Both stocks have a face value of Rs 10 each.</p>.<p>IDFC was an infra lender in the private sector space, and following its bigger peers like ICICI and IDBI, it also launched a banking subsidiary in 2015 -- IDFC Bank -- but could not make a mark.</p>.<p>Like HDFC Bank, the merged IDFC First Bank will also have no promoter entity but is fully owned by institutional and public shareholders.</p>.Banking industry doyen N Vaghul dies at 88.<p>IDFC began as an infra lender in 1997. It got in-principle approval from the RBI to set up a bank in April 2014, and in October 2015, it launched IDFC Bank when on-tap licensing began, following which loans and liabilities of IDFC were transferred to the bank.</p>.<p>In December 2018, it took over Capital First, a consumer and MSME-focused non-bank since 2012, and was renamed IDFC First Bank and became a full-service universal bank. </p>
<p>New Delhi: Shareholders and non-convertible debenture (NCD) holders of <a href="https://www.deccanherald.com/tags/idfc-first-bank">IDFC First Bank</a> have approved a proposal to merge parent IDFC Ltd with the lender.</p>.<p>The National Company Law Tribunal (<a href="https://www.deccanherald.com/tags/nclt">NCLT</a>) convened a meeting on May 17 through video conferencing and other audio-visual means to consider and approve the composite scheme of amalgamation for IDFC First Bank, the bank said in a regulatory filing.</p>.<p>The board of the bank presented the result of voting on the proposal for amalgamation before the NCLT.</p>.<p>"We wish to inform that the resolution approving the Scheme was passed by the overwhelming majority of 99.95 per cent of the equity shareholders, representing more than three-fourths in value of the equity shareholders of the bank voting through remote e-voting and e-voting during the meeting, in terms of the provisions of Sections 230-232 of the Companies Act, 2013," the lender said.</p>.RBI approves appointment of Pradeep Natarajan as IDFC FIRST Bank's Whole Time Director.<p>In a separate filing, it said the proposal was passed by the overwhelming majority of 99.99 per cent of the NCD holders.</p>.<p>As part of the composite scheme of amalgamation, IDFC FHCL would first merge with IDFC and then IDFC into IDFC First Bank Ltd.</p>.<p>Under the proposed reverse merger scheme, an IDFC shareholder will get 155 shares for every 100 shares she/he holds in the bank. Both stocks have a face value of Rs 10 each.</p>.<p>IDFC was an infra lender in the private sector space, and following its bigger peers like ICICI and IDBI, it also launched a banking subsidiary in 2015 -- IDFC Bank -- but could not make a mark.</p>.<p>Like HDFC Bank, the merged IDFC First Bank will also have no promoter entity but is fully owned by institutional and public shareholders.</p>.Banking industry doyen N Vaghul dies at 88.<p>IDFC began as an infra lender in 1997. It got in-principle approval from the RBI to set up a bank in April 2014, and in October 2015, it launched IDFC Bank when on-tap licensing began, following which loans and liabilities of IDFC were transferred to the bank.</p>.<p>In December 2018, it took over Capital First, a consumer and MSME-focused non-bank since 2012, and was renamed IDFC First Bank and became a full-service universal bank. </p>