Mumbai-based IDFC Ltd on Friday, December 9, said the Chennai bench of the National Company Law Tribunal (NCLT) has approved the merger of IDFC Alternatives, IDFC Trustee, and IDFC Projects with a private lender. "The Scheme of Amalgamation of IDFC Alternatives, IDFC Trustee Company and IDFC Projects (wholly owned subsidiary Companies) into IDFC was approved and sanctioned by the National Company Law Tribunal, Chennai bench vide Order dated November 22, 2022," the lender said in an exchange filing.

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Last year, the board of IDFC Ltd also approved the merger of its three wholly-owned subsidiaries into the company, as part of a simplification process.

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The board, as part of a simplification of corporate structure, has approved the merger of IDFC Alternatives Limited, IDFC Trustee Company Limited and IDFC Projects Limited (wholly-owned subsidiary companies) into IDFC Limited subject to regulatory approvals from various authorities, it said earlier last year.

Earlier in July last year, the Reserve Bank of India (RBI) allowed IDFC Ltd to exit as the promoter of IDFC First Bank as the five-year lock-in period ended, and paved the way for a potential reverse merger between the two entities.

(Edited by : Shoma Bhattacharjee)