IDFC Bank gets shareholder’s nod to change the name to IDFC First Bank

The company stated on Friday, The private sector lender IDFC bank will get approved by the shareholders for renaming its name to IDFC First Bank in the next month.

The Mumbai-headquartered Bank included a copy of the postal ballot notice in the stock-exchange disclosure on Friday to seek approval of the members through Postal Ballot/ E-Voting for alteration in the name of the bank and also significant changes in the Memorandum and Articles of Association of the Bank including the rules and regulations which are amended from time to time.

In a filing to Bombay Stock Exchange IDFC bank said: “The voting period will start from Tuesday, December 04, 2018  at 9:00 a.m. and will end on January 02, 2019 at 5:00 p.m. IST”. The process of voting will be through E-Voting and Postal Ballot. The bank also received ‘Certificate of Incorporation Pursuant to Change of Name’ by the office of Reserve Bank of India, CCI, BSE, The National Housing Bank in respect to this issue.

The boards of directors of IDFC Bank and Capital First in their individual meeting approved of the merger of Capital First and IDFC Bank on 13 January 2018. This merger was in accordance with IDFC Bank’s strategy of retailing business for their total transformation to a well-diversified universal bank from a dedicated infrastructure financier, which is in line with the strategy of Capital First.

The consolidated entity of IDFC Bank and Capital First will be AUM of Rupees 88,000 Crores, PAT of Rupees 1,268 Crores (FY 17) and will have a wide combined distribution network containing 194 branches, 353 BC Outlets and more than 9100 micro ATM points. This merger will allow the company to serve more than five million customers all around the country.

Current Chairman and MD of Capital First, Vaidyanathan will succeed Dr. Rajiv Lall as CEO and MD of the combined entity after regulatory approvals and execution of the merger.

The banking license was granted to the IDFC Bank by Reserve Bank of India on October 1, 2015, after which it started the banking operations.

Meantime, bank shares closed trade at Rs 40.85 per piece, up 0.86 percent, on the Bombay Stock Exchange.