The swap ratio has been set at 139:10 (for 10 equity shares Of Capital First, 139 Shares of IDFC Bank will be allotted). As part of the deal, Bipin Gemani, the Chief Financial Officer of IDFC Limited has resigned from the company and will now be joining as the interim CFO of IDFC Bank. V Vaidyanathan, currently Chairman and MD of Capital First, will succeed Rajiv Lall as MD and CEO of the combined entity upon completion of the merger and necessary regulatory approvals. In a press statement, the bank said this announcement is pursuant to IDFC Bank's stated strategy of 'retailising' its business to complete their transformation from a dedicated infrastructure financier to a well-diversified universal bank, and in line with Capital First's stated intention and strategy to convert to a universal bank. 13:27 At least 4 people are reported to have died after their boat capsized near Dahanu, Maharashtra. The boat, carrying 40 students, capsized two nautical miles from the seashore of Dahanu.