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India's central bank approves IDFC Bank acquisition of Capital First

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India's central bank approves IDFC Bank acquisition of Capital First

The Indian central bank approved IDFC Bank Ltd.'s proposed acquisition of Capital First Ltd.

IDFC Bank said the central bank issued a no-objection certificate for the deal June 4. Under the deal, IDFC Bank will issue 139 shares for every 10 shares of Capital First. The deal will also include Capital First units Capital First Home Finance Ltd. and Capital First Securities Ltd., which will be merged with IDFC Bank.

The deal is still subject to shareholder and regulatory approvals.