IDFC First Bank Limited (BSE:539437) entered into an agreement to acquire IDFC Limited (NSEI:IDFC) for approximately INR 196 billion on July 3, 2023. As part of this process, IDFC Limited transferred its loan assets (largely corporate and infrastructure loans) and liabilities (largely infrastructure bonds and institutional borrowings) to IDFC Bank. The Scheme is subject to the receipt of requisite approvals from the Reserve Bank of India (?RBI?), Securities and Exchange Board of India (?SEBI?), the Competition Commission of India, the National Company Law Tribunal, BSE Limited and the National Stock Exchange of India Limited (collectively, the ?Stock Exchanges?) and other statutory and regulatory authorities, and the respective shareholders, under applicable laws. As of October 17, 2023, the Competition Commission of India has approved the transaction, in relation to the proposed composite scheme of amalgamation. As of December 27, 2023, Reserve Bank of India has approved the scheme.

Zia Mody, Ashwath Rau, Vipul Jain and Aditya Alok of AZB & Partners acted as legal advisor to IDFC First Bank Limited.