IDFC gets approval from CCI for merger with IDFC First Bank
Infrastructure Development Finance Company (IDFC) on Tuesday said that it has received approval from the Competition Commission of India (CCI) for its merger with IDFC First Bank. “The CCI vide its letter dated today, i.e. October 17, 2023 has communicated that it has considered and approved the combination under Green Channel Route, pursuant to the notice jointly filed by IDFC FHCL, IDFC Limited, and IDFC FIRST Bank, in terms of Section 6(2) of the Competition Act, 2002 read with Regulations 5 and SA of the Competition Commission of India (Procedure in regard to the transactions of business relating to combinations) Regulations, 2011,” IDFC Limited said in a regulatory filing.
The scheme, it further added, remains subject to various statutory and regulatory approvals inter alia including from the Stock Exchanges, SEBI, RBI, National Company Law Tribunal, and other statutory and regulatory authorities, and the respective shareholders and creditors.
This follows just days after HDFC merged with HDFC Bank in a $40-billion deal. HDFC- HDFC Bank merger became effective from July 1, 2023 with all the entities filing the certified approval copy of the NCLT with the Registrar of Companies.