New Delhi, Dec 30 (PTI) IDFC First Bank on Thursday said its board has favoured the merger IDFC Ltd and IDFC Financial Holding Co Ltd (promoter group) with the bank.

Also Read | Xiaomi 11i HyperCharge Price in India Teased by Company Official.

The board of directors of the bank in a meeting held on December 30, 2021, considered the proposal for merger of IDFC Ltd and IDFC Financial Holding Co Ltd (promoter group) with IDFC First Bank, the bank said in a regulatory filing.

Also Read | Tecno Spark 8 Pro Launched in India at Rs 10,599; First Sale on January 4, 2022.

"We are, in principle, in favour of the merger, subject to the approval of the board of directors, shareholders, creditors and statutory and regulatory approvals of the respective entities," the bank said in a regulatory filing.

The private sector lender said the board has constituted and authorised a committee -- Capital Raise and Corporate Restructuring Committee -- to work on the terms of the proposed merger.

This will include finalisation of the scheme, valuation, hiring advisors among others.

Earlier in July, the Reserve Bank of India allowed IDFC Ltd to exit as the promoter of IDFC First Bank as the five year lock-in period ended, and paved the way for a potential reverse merger between two entities.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)