IDFC First Bank shares rises as government approves 9.99% acquisition of Firm
Shares of IDFC First Bank are surged over by 0.22 basis points as the Competition Commission of India has approved the proposed acquisition of up to 9.99% of the paid up share capital of IDFC First Bank Limited by Currant Sea Investments B.V.
The proposed combination entails the acquisition of up to 9.99% of the paid up share capital (on a fully diluted basis) of IDFC First Bank Limited by way of subscription to 81,26,94,722 compulsorily convertible cumulative preference shares (CCPS) by Currant Sea Investments B.V.
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The Acquirer is an investment holding company incorporated in the Netherlands.
The Target is engaged in the business of providing banking services like taking deposits; providing loans, credit cards; distributing mutual fund and insurance products and providing other financial solutions like corporate banking solutions, banking solutions for MSMEs, NRI banking, transaction banking & cash management solutions, FASTag, trade finance, treasury & forex solutions and wealth management solutions.
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