The share price of IDFC surged by 1.8% to Rs 111.85. At a meeting called by the Chennai bench of the National Company Law Tribunal on 17 May 2024, the majority shareholders of IDFC First Bank accepted the merger of IDFC with the bank. The Reserve Bank of India has granted its no objection certificate (NOC) for the combination of IDFC, IDFC FHCL, and IDFC First Bank, according to a statement released by IDFC on 27 December 2023. The IDFC board of directors accepted the planned amalgamations in July 2023. The merger of IDFC Bank and Capital First to form IDFC First Bank was completed and announced in 2018. Through its non-financial holding company, IDFC holds 39.93% of IDFC First Bank. Following the merger, the book value per share of the lender will jump by 4.9%, according to audited financial statements as of 31 March 2023. Over the past year, IDFC First Bank's stock has declined by 23%, while IDFC's shares have declined in trade by 13%.