Cyril Amarchand Mangaldas (CAM) has played a pivotal role in guiding IDFC Limited and IDFC Financial Holding Company Limited through their successful merger with IDFC FIRST Bank Limited. This intricate transaction encompassed comprehensive support in structuring the deal, conducting legal due diligence, navigating regulatory requirements, and finalizing essential documentation, including the Scheme of Amalgamation and the Implementation Agreement.
The expert team at CAM, led by Anu Tiwari, a partner specializing in Fintech and Financial Services, along with Ketaki Mehta from GIFT City, ensured meticulous oversight throughout the process. Their efforts were bolstered by the expertise of Kush Wadehra, Principal Associate, and Associate Shobhit Dave, while Jeeta Nayak and Vishrut Jain provided critical insights on corporate law and governance issues.
Cyril Shroff, Managing Partner, L. Viswanathan, Senior Partner, and Anand Sinha, Senior Advisor, offered strategic guidance, reinforcing the transaction’s foundation.
The process involved collaboration with various other advisors: SSPA & Co. served as the valuers for IDFC and IDFC FHC, while Axis Capital Limited provided a fairness opinion. Deloitte Touche Tohmatsu India LLP and valuer Harsh Chandrakant Ruparelia assisted with IDFC FIRST Bank, and ICICI Securities contributed their own fairness opinion. JM Financial Limited acted as the financial advisor to IDFC FIRST Bank.
The transaction documents were finalized on July 3, 2024, and the deal officially closed on October 1, 2024, marking a significant milestone in the financial sector.
