The board has also approved the appointment of Bipin Gemani as the whole time director and chief financial officer of the company with effect from 17 July 2023 till 30 September 2024.

Mahendra N Shah has been with IDFC for over 20 years and has held various positions, including Group Head - Governance, Compliance & Secretarial and Senior Advisor – Taxation. He is a qualified member of the Institute of Chartered Accountants of India (ICAI), the Institute of Cost & Management Accountants of India (ICWA) and the Institute of Company Secretaries of India (ICSI).

Bipin Gemani has been with IDFC for over 25 years and has held various positions, including Group Director – Finance. He is a qualified Chartered Accountant from the Institute of Chartered Accountants of India.

Meanwhile, the board has also appointed Bhandari & Associates, company secretaries, as the scrutinizer, for conducting AGM through e-voting process.

IDFC is a leading finance company in India providing services ranging from infrastructure financing, infrastructure development, investment banking, etc.

Shares of IDFC fell 1.14% to Rs 112.40 on Monday, 17 July 2023.

The board of IDFC and IDFC Financial Holding Company approved merger with IDFC FIRST Bank and a share exchange ratio of 155 shares of IDFC FIRST Bank for every 100 shares held in IDFC. The merger will create value for IDFC's shareholders and provide direct shareholding in IDFC FIRST Bank.