IDFC to merge with IDFC FIRST Bank.

Infrastructure Development Finance, a finance company, agreed to merge with IDFC FIRST Bank, a private sector bank formed by the merger of the banking arm of Infrastructure Development Finance Company and Capital First. Financial terms were not disclosed. “This is an important event for the Bank and for all the shareholders of the Bank as well as IDFC Limited. We now embark on the next phase of our growth journey towards our long-term vision, and to create sustainable shareholder value in the years to come," Sanjeeb Chaudhuri, IDFC FIRST Bank Chairperson.