IDFC Bank and Capital First confirm merger

IDFC Bank non-banking financial company Capital First announce merger

IDFC Bank non-banking financial company Capital First announce merger

The boards of IDFC Bank and Capital First on Saturday agreed to a merger which will result in V Vaidyanathan, now chairman and md of Capital First, succeeding Rajiv Lall as md and ceo of the merged entity.

IDFC Bank-Capital First merger will form a combined entity with an AUM of Rs, 88,000 crore and 5 million customers supported by 194 branches, 353 business centres and over 9,100 micro ATM points. The boards also approved a share swap ratio of 139 shares of IDFC Bank for 10 shares of Capital First.

V Vaidyanathan, who is now Chairman and MD of Capital First, will become the Chairman and Managing Director of the combined entity upon completion of the merger and necessary regulatory approvals.

As part of the deal, Bipin Gemani, the Chief Financial Officer of IDFC Limited has resigned from the company and will now be joining as the interim CFO of IDFC Bank. Rajiv Lall who led IDFC Group from 2005 to the present in various top positions will step into the role of non-executive chairman of the merged bank.

The deal values Capital First - owned more than a third by private equity firm Warburg Pincus - at 938.25 rupees a share based on the two companies' Friday closing price and giving the company a market value of 92.78 billion rupees ($1.46 billion), Reuters calculations showed. In terms of the swap ratio, Capital First's 9.89 crore shares will fetch 137 crore shares of IDFC Bank.

Capital First, which primarily lends to retail and SMEs had a loan book of Rs. 22,974 crores as of September 2017, with gross and net NPA at 1.63 per cent and 1.0 per cent, respectively.

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