The combined entity after the merger of Capital First and IDFC Bank was listed on the two Indian stock exchanges NSE and BSE on Wednesday. Its shares were trading higher by 3.85 at Rs 48.95 in afternoon trade today on NSE.
IDFC First will offer a wide range of products in the retail and wholesale banking sectors with its service and digital innovations. It serves 7.2 million customers through its 203 bank branches, 129 ATMs and 454 rural business correspondent centres.
The merger, that was announced on 13 January 2018, was completed on 18 December in the same year. The shareholders got 139 shares of IDBI Bank for every 10 shares held in Capital First, as per the terms of the merger agreement.
The combined entity has a loan book of Rs 1,02,683 crore as per the last reported financial results, that is, as on September 2018. Retail loan book now constitutes for 32.46 percent of the overall loan book.
"The listing is an important step in bringing the benefits of the combined entity to shareholders and investors," said V Vaidyanathan, MD and CEO of IDFC FIRST Bank.