IDFC First Bank shares rise after IDFC announces plans to complete merger in FY23

Shares of private sector lender IDFC First Bank rose 1.38 per cent to ₹55.05 apiece during Tuesday's early trade after parent IDFC Ltd announced its plans to complete the merger with its unit during the current fiscal, barring unforeseen circumstances.

IDFC said that it has completed all stages of corporate simplifications. It added that the next step for the company is the amalgamation with IDFC First Bank.

The board has appointed Axis Capital Ltd for issuance of fairness opinion on the share exchange ratio with respect to the merger with IDFC First Bank, IDFC said.

Within private banking space, brokerage house ICICI Direct is positive on IDFC First Bank, which it expects to outperform over the next few months.