The board of IDFC First Bank approved its merger with IDFC on July 3 through an amalgamation scheme and the ratio of the deal has been fixed at 155:100.
Analysts expect the spread to contract as the merger progresses. The merger is likely to be completed in 12-15 months.
IDFC First Bank share price tumbled 4.8% to Rs 77.99 and IDFC shares fell 0.14% to Rs 108.95 on Tuesday.
Shareholders of IDFC Ltd will get 155 shares of IDFC First Bank for every 100 shares held in the former.
Under the proposed merger, shareholders of IDFC Ltd will get 155 shares of IDFC First Bank for every 100 shares held in the former.
IDFC First Bank says merger to create an institution with diversified public, institutional shareholders; standalone book value/ share to increase by 4.9%
IDFC First Bank shares traded in the red in the early morning trade on Tuesday as the stock was down 3.42% at Rs 79.15 per share at 11:07 am IST.
IDFC First Bank shares plunged 5.9 per cent to hit a low of Rs 77.10 on BSE. On the other hand, while IDFC shares rallied 6.04 per cent to hit a high of Rs ...
Under the proposed merger scheme, approved by the two companies, IDFC shareholders will get 155 shares of IDFC First Bank for every 100 shares they hold.
IDFC First Bank recovered much of its previous day's loss on Wednesday and IDFC continued to rise after the companies announced a merger between them.
As a result of the proposed merger, the standalone book value per share of the bank would increase by 4.9%, as calculated on audited financials as of March ...