IDFC Bank to be named as IDFC First Bank

IDFC Bank soon is renamed as IDFC First bank as it has been merging with NBFC Capital First.  The merger is at the advanced stage after getting approvals from the Competition Commission of India, RBI, Stock exchanges, creditors, stockholders and all the parties involved. After merging with Warburg Pincus-backed Capital First, IDFC bank would create a combined entity of Rs. 88,000 crore. The share swap ratio for the merger is fixed at 139:10, meaning IDFC Bank will issue 139 shares for every 10 shares of Capital First. IDFC had applied for a banking license in 2013 and got in-principle approval for the same from the RBI in the following year.