IDFC First Bank Ltd - Stock TechnoFunda Ideas

IDFC First Bank Ltd (60 to 85.50)

#IDFCFIRSTB
Recommended on: 11-Jan-2023
Recommended Price: 60
Today’s High: 85.50
Return Till Date: 42.50%
Date: 24-July-2023

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IDFC First Bank Ltd. – Company History

IDFC First Bank Ltd. is a universal bank headquartered in Mumbai that offers financial solutions through its nationwide branches, internet, and mobile. The bank provides customized financial solutions to corporates, individuals, small and micro enterprises (SMEs), entrepreneurs, financial institutions, and the government. IDFC Bank is a subsidiary of IDFC Ltd.

IDFC FIRST Bharat Limited

As on 31 March 2020, IDFC FIRST Bank has one wholly owned Subsidiary Company, namely IDFC FIRST Bharat Limited (IDFC FIRST Bharat), which was formerly known as IDFC Bharat Limited. IDFC FIRST Bharat is acting as a Business Correspondent (`BC’) for the distribution of the products of IDFC FIRST Bank and has given added momentum to the financial inclusion plan of the Bank.

National Footprint

As on March 31, 2022, the Bank has built a national footprint through the operation of 641 branches across India, 601 Corporate Business Correspondent (BC) branches, 719 ATMs. The Bank had raised equity capital of Rs. 3,000 crore (approx.) through Qualified Institutions Placement (QIP) on April 6, 2021.

Merger Proposal

The Board at its meeting held on December 30, 2021, had considered the proposal for merger of IDFC Limited and IDFC Financial Holding Company Limited (Promoter Group) with IDFC FIRST Bank Limited subject to the approval of the Board, members, creditors, requisite statutory and regulatory approvals of the respective entities. Further, the Board had constituted and authorized a special committee namely Capital Raise and Corporate Restructuring Committee (CR & CR Committee), inter-alia to work on the terms of the proposed merger including finalizing the Scheme, Valuation, hiring advisors, etc., as required.

Customer Service Points

As on March 31, 2022, the Bank has engaged 10 Corporate BC partners (including its wholly owned subsidiary IFBL) and has a total of 11,522 customer service points, including 601 rural business correspondent centers, present in 29 States & UTs. In FY 2021-22, the Bank has opened 4,320 new customer service points, and a total of 4 crore transactions were performed valuing Rs. 15,220 crore. Further, the Bank has disbursed Rs. 8,625 crore of loans.