IDFC FIRST Bank, the combined entity formed from the merger of Capital First Ltd. with IDFC Bank Ltd. has made a successful listing on the National Stock Exchange of India Ltd. (NSE) and BSE Ltd. (Bombay Stock Exchange).
Shares of IDFC First Bank raced to a high of 49 points since the start of the trading session on Thursday (until 12:30 PM IST).
The company announced that all shares of IDFC FIRST Bank, existing as well as new, will now trade under the symbol IDFCFIRSTB on NSE and under the scrip ID 539437 on BSE. On the BSE, the scrip is listed under the Group A index and categorized under BSE 200.
V Vaidyanathan, MD & CEO of IDFC FIRST Bank and Vikram Limaye, MD & CEO of NSE were present during the listing ceremony.
Vaidyanathan said, "The listing is an important step in bringing the benefits of the combined entity to shareholders and investors. The new logo and trading symbol of IDFC FIRST Bank captures our core purpose - that of relentlessly focussing on serving customers better and expanding our reach across underserved and high-value market segments."
IDFC FIRST Bank now offers a wider array of retail and wholesale banking products, services and digital innovations. It is committed to enriching banking experience for the masses, by delivering technology-led quality banking services. The Bank serves 7.2 million customers through its 203 bank branches, 129 ATMs, 454 rural business correspondent centres across the country’s urban and rural geographies.
The merger of Capital First Ltd. with IDFC Bank was announced on January 13, 2018. As per the terms of the merger agreement, shareholders have received 139 shares of IDFC Bank for 10 shares held in Capital First Ltd.
The merger was completed on December 18, 2018 following the receipt of requisite shareholder and regulatory approvals. The merged entity is now called IDFC FIRST Bank.
The company in a media-note reported that IDFC FIRST Bank's on-book loan assets stood at Rs. 1,02,683 crore, (according to the last reported financial results for quarter ending September 30, 2018). The note added that the retail loan book now contributes 32.46% to the overall loan book.