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IDFC First Bank shares tank 6%, IDFC up post merger announcement. Here’s why

July 4, 2023 | by reshucompany.com

IDFC First Bank shares plunged 5.9 per cent to hit a low of Rs 77.10 on BSE. On the other hand, while IDFC shares rallied 6.04 per cent to hit a high of Rs 115.70 in early trade, they later cut gains to 0.46 per cent.

Shares of IDFC First Bank plunged nearly 6 per cent in Tuesday’s trade while those of IDFC Limited gained over 6 per cent following the announcement of swap ratio for the proposed merger between the two entities, which is seen in favour of IDFC shareholders.

The share exchange ratio for the amalgamation of IDFC with IDFC First Bank shall be 155 equity shares of face value of Rs 10 of IDFC First Bank for every 100 equity shares of face value of Rs 10 of IDFC Limited.https://embed.businesstoday.in/share/company/e5978e5

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