The deal is conditional on Reserve Bank Of India (RBI) approvals

IDFC Bank, one of India’s two newest banks, said on Saturday its board has approved a takeover of non-bank financial firm Capital First Ltd in a share swap deal.

Shareholders in Capital First will receive 139 shares of the bank for every 10 shares held, the lender said in a stock exchange filing. The deal is conditional on Reserve Bank Of India (RBI) and other regulatory approvals. Capital First, owned more than a third by private equity firm Warburg Pincus, also counts Singapore state investor GIC among its major investors.

© Thomson Reuters 2018

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



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