IDFC First Bank said its proposed deal would boost the bank's standalone book value by 4.9% as of March 31, 2023 and aims to increase its balance sheet by 20-25% per year in the near to medium term.

The board of directors of IDFC and IDFC Financial Holding approved merger both the entities and announced a share exchange ratio of 155 shares of IDFC FIRST Bank for every 100 shares held in IDFC.