Capital First Ltd.: Difference between revisions

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{{Infobox company
{{Infobox company
| name = Capital First Ltd.
| name = Capital First Ltd.
| logo =  
| logo = Capital-first Logo.png
| logo_size =  
| logo_size = 200px
| logo_alt =  
| logo_alt =  
| logo_caption =  
| logo_caption =  
Line 13: Line 13:
| image_alt =  
| image_alt =  
| image_caption =  
| image_caption =  
| former_name = Future Capital Holdings
| former_name = [[Future Group|Future Capital Holdings]]
| type = [[Public company|Public]]
| type = [[Public company|Public]]
| traded_as = {{BSE|532938}}<br />{{NSE|CAPF}}
| traded_as = {{BSE was|532938}}<br />{{NSE was|CAPF}}
| ISIN = INE688I01017
| ISIN = INE688I01017
| industry = [[Non-bank financial institution]]
| industry = [[Non-bank financial institution]]
| fate = Merged with IDFC Bank to form [[IDFC Bank|IDFC First Bank]]<ref>{{cite web|url=https://www.thehindubusinessline.com/money-and-banking/idfc-bank-and-capital-first-announce-completion-of-merger/article25775612.ece|title=IDFC Bank and Capital First announce completion of merger|work=thehindubusinessline|date=2018-12-18|accessdate=2018-12-19}}</ref>
| fate = Merged with IDFC Bank to form [[IDFC Bank|IDFC First Bank]]<ref>{{cite web|url=https://www.thehindubusinessline.com/money-and-banking/idfc-bank-and-capital-first-announce-completion-of-merger/article25775612.ece|title=IDFC Bank and Capital First announce completion of merger|work=thehindubusinessline|date=2018-12-18|accessdate=2018-12-19}}</ref>
| successor = [[IDFC First Bank]]
| successor = [[IDFC First Bank]]
| founded = {{Start date|2008}}
| founded = {{Start date|2005}}<ref name="found">{{cite news |title=Warburg Pincus in talks to acquire Future Capital Holdings |url=https://economictimes.indiatimes.com/industry/banking/finance/warburg-pincus-in-talks-to-acquire-future-capital-holdings/articleshow/13088057.cms |access-date=16 December 2024 |work=The Economic Times |date=11 May 2012}}</ref>
| founder =  
| founder =  
| defunct = {{End date|df=yes|2018|12|18}}<ref>{{cite web |last1=Shah |first1=Saumil |title=Capital First & IDFC Bank: Made For Each Other |url=http://www.businessworld.in/article/Capital-First-IDFC-Bank-Made-For-Each-Other/15-02-2019-167236/ |website=BW Businessworld |accessdate=16 March 2019 |language=en}}</ref>
| defunct = {{End date|df=yes|2018|12|18}}<ref>{{cite web |last1=Shah |first1=Saumil |title=Capital First & IDFC Bank: Made For Each Other |url=http://www.businessworld.in/article/Capital-First-IDFC-Bank-Made-For-Each-Other/15-02-2019-167236/ |website=BW Businessworld |accessdate=16 March 2019 |language=en}}</ref>
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| key_people = {{ubl|[[V. Vaidyanathan]] <small>(Chairman & MD)</small>|Pankaj Sanklecha <small>(CFO)</small>}}
| key_people = {{ubl|[[V. Vaidyanathan]] <small>(Chairman & MD)</small>|Pankaj Sanklecha <small>(CFO)</small>}}
| services =  
| services =  
| revenue = {{increase}} {{INRConvert|3628.2517|c}}<ref name="Annual Report 2017-18"/>
| revenue = {{increase}} {{INRConvert|3628|c|mode=historical|year=2018}}<ref name="Annual Report 2017-18"/>
| revenue_year = 2018
| revenue_year = 2018
| operating_income = {{increase}} {{INRConvert|454.5678|c}}<ref name="Annual Report 2017-18"/>
| operating_income = {{increase}} {{INRConvert|454|c|mode=historical|year=2018}}<ref name="Annual Report 2017-18"/>
| income_year = 2018
| income_year = 2018
| net_income = {{increase}} {{INRConvert|327.0101|c}}<ref name="Annual Report 2017-18"/>
| net_income = {{increase}} {{INRConvert|327|c|mode=historical|year=2018}}<ref name="Annual Report 2017-18"/>
| net_income_year = 2018
| net_income_year = 2018
| aum = {{increase}} {{INRConvert|26997|c}} (2018)
| aum = {{increase}} {{INRConvert|26997|c|mode=historical|year=2018}} (2018)
| assets = {{increase}} {{INRConvert|23981.620|c}}<ref name="Annual Report 2017-18"/>
| assets = {{increase}} {{INRConvert|23981|c|mode=historical|year=2018}}<ref name="Annual Report 2017-18"/>
| assets_year = 2018
| assets_year = 2018
| equity = {{increase}} {{INRConvert|2549.9674|c}}<ref name="Annual Report 2017-18"/>
| equity = {{increase}} {{INRConvert|2549|c|mode=historical|year=2018}}<ref name="Annual Report 2017-18"/>
| equity_year = 2018
| equity_year = 2018
| owners = Cloverdell Investment Ltd (34.29%)<br />[[Government of Singapore]] (9.0%)<ref name="Annual Report 2017-18"/>
| owners = Cloverdell Investment Ltd (34.29%)<br />[[Government of Singapore]] (9.0%)<ref name="Annual Report 2017-18"/>
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| footnotes =  
| footnotes =  
}}
}}
'''Capital First Ltd.''' was an Indian [[non-bank financial institution]] providing debt financing to small entrepreneurs, MSMEs (Micro, Small and Medium Enterprises) and Indian consumers. Capital First was founded in 2012 by [[V. Vaidyanathan]].
'''Capital First Ltd''', formerly known as Future Capital Holdings, was an Indian [[non-bank financial institution]] which provided debt financing. In December 2018, it was merged into [[IDFC Bank]] to form [[IDFC Bank|IDFC First Bank]]. The company was listed on the [[National Stock Exchange of India|NSE]] and [[Bombay Stock Exchange|BSE]] prior to the merger.<ref>{{Cite web|url=https://www.capitalfirst.com/pdfs/Capital_First_AR_2017-18_with_notice.pdf|title=Capital First Ltd. Annual Report 2018}}</ref><ref>{{Cite web |url=http://www.dnb.co.in/Publications/IndiaTop500Companies2016/Profile/Profiles/Capital%20First%20Limited.pdf |title=Dun & Bradstreet – Company Profile|website=www.dnb.co.in |url-status=live |accessdate=2017-07-11|archive-url=https://web.archive.org/web/20171115202811/http://www.dnb.co.in/Publications/IndiaTop500Companies2016/Profile/Profiles/Capital%20First%20Limited.pdf |archive-date=15 November 2017 }}</ref><ref>{{Cite news|url=https://enterpriseasia.org/apea/india/awards/in-2016/vaidyanathan-vembu/|title=Vaidyanathan Vembu — Enterprise Asia|last=nazerry|work=Enterprise Asia|accessdate=2017-07-09|language=en-US}}</ref>


The company was listed on [[National Stock Exchange of India|NSE]] and [[Bombay Stock Exchange|BSE]]. The market cap of the company grew from ₹ 7.81 billion (31 March 2012) to ₹60.96 billion (31 March 2018)<ref>{{Cite web|url=https://www.capitalfirst.com/pdfs/Capital_First_AR_2017-18_with_notice.pdf|title=Capital First Ltd. Annual Report 2018}}</ref><ref>{{Cite web |url=http://www.dnb.co.in/Publications/IndiaTop500Companies2016/Profile/Profiles/Capital%20First%20Limited.pdf |title=Dun & Bradstreet – Company Profile|website=www.dnb.co.in |url-status=live |accessdate=2017-07-11}}</ref><ref>{{Cite news|url=https://enterpriseasia.org/apea/india/awards/in-2016/vaidyanathan-vembu/|title=Vaidyanathan Vembu — Enterprise Asia|last=nazerry|work=Enterprise Asia|accessdate=2017-07-09|language=en-US}}</ref>
== History ==
Founded in 2005 as a part of [[Future Group]], the company became Future Capital Holdings in December 2006.<ref name="found"/> The company listed on the Indian stock exchanges in January 2008 following an [[initial public offering]].<ref>{{cite news |title=Future Capital IPO fully subscribed |url=https://www.business-standard.com/article/companies/future-capital-ipo-fully-subscribed-108011100031_1.html |access-date=16 December 2024 |work=Business Standard}}</ref> Between 2008 and 2010, the company launched businesses including real estate development financing, corporate credit, private equity, [[asset management]], foreign exchange, retail broking, mall management, wealth management and property services.<ref>{{Cite web|url=http://www.chittorgarh.com/ipo/future_capital_ipo/151/|title=Future Capital IPO Details – Date, Prospectus, Allotment, Listing, Reviews & Status|website=Chittorgarh|accessdate=2017-07-09}}</ref>


In December 2018 NBFC Capital First and private sector lender IDFC Bank has announced the completion of their merger, creating a combined loan asset book of {{INR}}1.03 lakh crore for the merged entity. The merged entity to be called [[IDFC Bank|IDFC First Bank]], subject to shareholders’ approval.<ref>{{cite web|url=https://www.moneycontrol.com/news/business/capital-first-merges-with-idfc-bank-to-create-idfc-first-bank-3305581.html|title=Capital First merges with IDFC Bank to create IDFC First Bank|work=moneycontrol|accessdate=2018-12-20}}</ref>
In 2010, [[V. Vaidyanathan]], then MD and CEO of [[ICICI Prudential Life Insurance|ICICI Prudential Life]], was appointed as the vice-chairman and MD of Future Capital Holdings. Vaidyanathan obtained a 10% stake in the company as part of the deal.<ref>{{cite news |title=Vaidyanathan appointed vice chairman and MD of Future Capital |url=https://economictimes.indiatimes.com/vaidyanathan-appointed-vice-chairman-and-md-of-future-capital/articleshow/6244862.cms |access-date=16 December 2024 |work=The Economic Times |date=1 August 2010}}</ref><ref>{{cite news |title=V. Vaidyanathan takes wing with a $17 million stake in a star NBFC |url=https://www.businesstoday.in/magazine/features/story/v-vaidyanathan-behind-future-capital-deal-34539-2012-07-03 |access-date=16 December 2024 |work=Business Today |date=3 July 2012 |language=en}}</ref> The company later exited legacy businesses of forex, wealth, and broking, and reduced wholesale lending sharply.<ref>{{Cite news|url=https://www.outlookbusiness.com/specials/secret-diary-of-an-entrepreneur/in-for-a-rough-ride-3054|title="If I can see it, then I can do it. If I just believe it, there's nothing to it" {{!}} Outlook Business|last=Business|first=Outlook|work=www.outlookbusiness.com |accessdate=2017-07-09}}</ref>


== Company history ==
In 2012, [[Warburg Pincus]] agreed to buy a majority stake in the company for {{INRconvert|8.10|b|year=2012|mode=historical}}, including ₹1 billion by way of preferential allotment. An open offer was made to the public in line with [[SEBI]] guidelines. The board was reconstituted and the company was renamed Capital First.<ref>{{Cite news|url=http://www.warburgpincus.com/investments/capital-first-limited/|title=Capital First Limited {{!}} Warburg Pincus|work=Warburg Pincus|access-date=2017-07-09|language=en-US|archive-url=https://web.archive.org/web/20160505222004/http://www.warburgpincus.com/investments/capital-first-limited/|archive-date=5 May 2016|url-status=dead}}</ref><ref>{{Cite web|url=http://www.businesstoday.in/magazine/features/v.-vaidyanathan-behind-future-capital-deal/story/185538.html|title=V. Vaidyanathan takes wing with a $17 million stake in a star NBFC|website=www.businesstoday.in|date=3 July 2012 |accessdate=2017-07-09}}</ref>
The company was initially listed on the Indian Stock exchanges in January 2008 as Future Capital Holdings. Between 2008 and 2010, the company launched a number of diverse businesses including financing real estate developers, corporate credit, private equity, [[asset management]], foreign exchange business (through joint venture arrangement), retail broking business (through joint venture arrangement), mall management, wealth management and property services.<ref>{{Cite web|url=http://www.chittorgarh.com/ipo/future_capital_ipo/151/|title=Future Capital IPO Details – Date, Prospectus, Allotment, Listing, Reviews & Status|website=Chittorgarh|accessdate=2017-07-09}}</ref>


In 2010, V Vaidyanathan, then MD and CEO of [[ICICI Prudential Life Insurance|ICICI Prudential Life]], concluded an agreement to acquire 10% of the equity of the company. Financing India's 50 million MSMEs and India’s emerging middle class, with a differentiated model, based on new technologies, became the new founding theme of the company. In line with this theme, the company exited legacy businesses of Forex, wealth, and broking, and reduced wholesale lending sharply.<ref>{{Cite news|url=https://www.outlookbusiness.com/specials/secret-diary-of-an-entrepreneur/in-for-a-rough-ride-3054|title="If I can see it, then I can do it. If I just believe it, there’s nothing to it" {{!}} Outlook Business|last=Business|first=Outlook|work=www.outlookbusiness.com |accessdate=2017-07-09}}</ref> Based on the above, he succeeded in securing equity backing of ₹8.10 billion from [[Warburg Pincus]] to buy out the other shareholders, including ₹ 1.00 billion by way of preferential allotment. An open offer was made to the public in line with [[SEBI]] guidelines. The board was reconstituted. A new brand, Capital First, was created.<ref>{{Cite news|url=http://www.warburgpincus.com/investments/capital-first-limited/|title=Capital First Limited {{!}} Warburg Pincus|work=Warburg Pincus|access-date=2017-07-09|language=en-US|archive-url=https://web.archive.org/web/20160505222004/http://www.warburgpincus.com/investments/capital-first-limited/|archive-date=5 May 2016|url-status=dead}}</ref><ref>{{Cite web|url=http://www.businesstoday.in/magazine/features/v.-vaidyanathan-behind-future-capital-deal/story/185538.html|title=V. Vaidyanathan takes wing with a $17 million stake in a star NBFC|website=www.businesstoday.in|accessdate=2017-07-09}}</ref>
On 13 January 2018, [[IDFC Bank]] and Capital First announced a merger in a [[stock swap]] deal, with IDFC Bank issuing 139 shares of the bank for every 10 shares of Capital First. The merger completed in December 2018 and Vaidyanathan took over as the MD and CEO of the bank which was renamed IDFC First Bank.<ref>{{cite news |last1=Sundarajan |first1=Priya |title=IDFC Bank to take over Capital First in share swap deal |url=https://www.thehindubusinessline.com/money-and-banking/idfc-bank-capital-first-to-merge-in-share-swap-deal/article64296887.ece |access-date=13 March 2025 |work=BusinessLine |date=13 January 2018 |language=en}}</ref><ref>{{cite web|url=https://www.moneycontrol.com/news/business/capital-first-merges-with-idfc-bank-to-create-idfc-first-bank-3305581.html|title=Capital First merges with IDFC Bank to create IDFC First Bank|work=moneycontrol|date=18 December 2018 |accessdate=2018-12-20}}</ref>
 
In 2013–14, the company received the Housing Finance Company (HFC) License from [[National Housing Bank]] (NHB) for its wholly owned subsidiary Capital First Home Finance Limited. Capital First also launched new products like SME business loans, personal loans, and affordable housing, and scaled up the existing businesses.
 
Between 2014 and 2017, Capital First raised significant{{Clarify|reason=vague|date=July 2019}} funding through investments from PE players and [[Qualified institutional placement|Qualified Institutional Placements]] (QIP).<ref>{{Cite news|url=http://www.thehindubusinessline.com/markets/stock-markets/warburg-pincus-capital-first-raises-340-cr-from-gic-affiliate/article9335020.ece|title=Warburg Pincus’ Capital First raises ₹ 340 cr from GIC affiliate|last=Bureau|first=Our|date=2016-11-11|work=The Hindu Business Line|access-date=2017-07-09|language=en}}</ref><ref>{{Cite news|url=https://economictimes.indiatimes.com/industry/banking/finance/capital-first-raises-rs-178-crore-via-preferential-issue/articleshow/31437114.cms|title=Capital First raises ₹ 178 cr via preferential issue|last=Bureau|first=ET|date=2014-03-05|work=The Economic Times|access-date=2017-07-09|language=en}}</ref> Reputed financial institutions across the world like Government Pension Fund Global (Norway), [[Jupiter Asset Management]], Ashburton Limited, DNB Asset management (Norway), Nomura Asset Management, BNP Paribas Asset Management have invested in Capital First during this phase through secondary market and became shareholders of the company.<ref>{{Cite news|url=http://economictimes.indiatimes.com/industry/banking/finance/capital-first-raises-rs-300-crore-through-qualified-institutional-placement-route/articleshow/46680733.cms?intenttarget=no|title=Capital First raises Rs 300 crore through qualified institutional placement route|last=PTI|date=2015-03-24|work=The Economic Times|accessdate=2017-07-09}}</ref><ref>{{Cite news|url=http://www.livemint.com/Industry/aneJidoey4WLLJc8480ozH/Capital-First-to-raise-Rs340-crore-from-Singapore-sovereign.html|title=Capital First to raise Rs340 crore from Singapore sovereign wealth fund GIC|last=Dhanjal|first=Swaraj Singh|date=2016-11-11|work=www.livemint.com/|accessdate=2017-07-09}}</ref>
 
In line with V. Vaidyanathan's objective and long-term plan of getting a banking license, on January 13, 2018, in a joint press release issued by IDFC Bank and Capital First, they announced a merger. IDFC Bank is to issue 139 shares for every 10 shares of Capital First and Mr. Vaidyanathan will take over as the MD and CEO of the combined bank.<ref>{{Cite web|url=http://www.moneylife.in/article/capital-first-yearly-profit-after-tax-up-44-percentage/50489.html|title=Capital First yearly profit after tax up 44%|website=www.moneylife.in|access-date=2017-07-09}}</ref><ref>{{Cite web|url=http://economictimes.indiatimes.com/capital-first-ltd/infocompanyhistory/companyid-19384.cms|title=Capital First Ltd. Profile – The Economic Times|website=economictimes.indiatimes.com|access-date=2017-07-09}}</ref>
 
== Corporate Social Responsibility ==
Capital First Ltd. has been actively contributing to the society in the form of its CSR activities. The company’s flagship CSR program and involves providing financial assistance to students who on their own merits, have been able to secure admission to selected management programs, but happen to belong to economically weaker section of the society and are therefore, unable to afford the expenses for the programs. Such students are awarded scholarship under the Capital First Scholarship Program.<ref>{{Cite news |url= https://capitalfirst.com/csr-activities |title=Capital First {{!}} CSR Activities. |website= capitalfirst.com |access-date= 2017-07-09 |language=en}}</ref>


== References ==
== References ==
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[[Category:IDFC First Bank]]
[[Category:IDFC First Bank]]
[[Category:2008 establishments in Maharashtra]]
[[Category:2008 establishments in Maharashtra]]
[[Category:Companies listed on the National Stock Exchange of India]]
[[Category:Companies formerly listed on the National Stock Exchange of India]]
[[Category:Companies listed on the Bombay Stock Exchange]]
[[Category:Companies formerly listed on the Bombay Stock Exchange]]
[[Category:Warburg Pincus companies]]

Latest revision as of 11:58, 7 August 2025


Capital First Ltd.
Formerly
Future Capital Holdings
Traded asTemplate:BSE was
Template:NSE was
ISININE688I01017
IndustryNon-bank financial institution
FateMerged with IDFC Bank to form IDFC First Bank[1]
SuccessorIDFC First Bank
Founded2005 (2005)[2]
Defunct18 December 2018 (2018-12-18)[3]
HeadquartersOne Indiabulls Centre, Senapati Bapat Marg, Lower Parel (West),
Mumbai, Maharashtra
,
India[4]
Area served
India
Key people
RevenueIncrease ₹3,628 crore (US$530.49 million)[5] (2018)
Increase ₹454 crore (US$66.38 million)[5] (2018)
Increase ₹327 crore (US$47.81 million)[5] (2018)
AUMIncrease ₹26,997 crore (US$3.95 billion) (2018)
Total assetsIncrease ₹23,981 crore (US$3.51 billion)[5] (2018)
Total equityIncrease ₹2,549 crore (US$372.72 million)[5] (2018)
OwnersCloverdell Investment Ltd (34.29%)
Government of Singapore (9.0%)[5]
Subsidiaries
  • Capital First Home Finance Limited
  • Capital First Securities Limited
  • Capital First Commodities Limited[5]
RatingAAA[5]
Websitewww.capitalfirst.com

Capital First Ltd, formerly known as Future Capital Holdings, was an Indian non-bank financial institution which provided debt financing. In December 2018, it was merged into IDFC Bank to form IDFC First Bank. The company was listed on the NSE and BSE prior to the merger.[6][7][8]

History[edit | edit source]

Founded in 2005 as a part of Future Group, the company became Future Capital Holdings in December 2006.[2] The company listed on the Indian stock exchanges in January 2008 following an initial public offering.[9] Between 2008 and 2010, the company launched businesses including real estate development financing, corporate credit, private equity, asset management, foreign exchange, retail broking, mall management, wealth management and property services.[10]

In 2010, V. Vaidyanathan, then MD and CEO of ICICI Prudential Life, was appointed as the vice-chairman and MD of Future Capital Holdings. Vaidyanathan obtained a 10% stake in the company as part of the deal.[11][12] The company later exited legacy businesses of forex, wealth, and broking, and reduced wholesale lending sharply.[13]

In 2012, Warburg Pincus agreed to buy a majority stake in the company for ₹8.10 billion (US$151.58 million), including ₹1 billion by way of preferential allotment. An open offer was made to the public in line with SEBI guidelines. The board was reconstituted and the company was renamed Capital First.[14][15]

On 13 January 2018, IDFC Bank and Capital First announced a merger in a stock swap deal, with IDFC Bank issuing 139 shares of the bank for every 10 shares of Capital First. The merger completed in December 2018 and Vaidyanathan took over as the MD and CEO of the bank which was renamed IDFC First Bank.[16][17]

References[edit | edit source]

  1. ↑ "IDFC Bank and Capital First announce completion of merger". thehindubusinessline. 18 December 2018. Retrieved 19 December 2018.
  2. ↑ 2.0 2.1 "Warburg Pincus in talks to acquire Future Capital Holdings". The Economic Times. 11 May 2012. Retrieved 16 December 2024.
  3. ↑ Shah, Saumil. "Capital First & IDFC Bank: Made For Each Other". BW Businessworld. Retrieved 16 March 2019.
  4. ↑ "Corporate Office". Capital First. Retrieved 16 March 2019.
  5. ↑ 5.0 5.1 5.2 5.3 5.4 5.5 5.6 5.7 "Annual Report 2017-18" (PDF). Capital First. Retrieved 16 March 2019.
  6. ↑ "Capital First Ltd. Annual Report 2018" (PDF).
  7. ↑ "Dun & Bradstreet – Company Profile" (PDF). www.dnb.co.in. Archived (PDF) from the original on 15 November 2017. Retrieved 11 July 2017.
  8. ↑ nazerry. "Vaidyanathan Vembu — Enterprise Asia". Enterprise Asia. Retrieved 9 July 2017.
  9. ↑ "Future Capital IPO fully subscribed". Business Standard. Retrieved 16 December 2024.
  10. ↑ "Future Capital IPO Details – Date, Prospectus, Allotment, Listing, Reviews & Status". Chittorgarh. Retrieved 9 July 2017.
  11. ↑ "Vaidyanathan appointed vice chairman and MD of Future Capital". The Economic Times. 1 August 2010. Retrieved 16 December 2024.
  12. ↑ "V. Vaidyanathan takes wing with a $17 million stake in a star NBFC". Business Today. 3 July 2012. Retrieved 16 December 2024.
  13. ↑ Business, Outlook. ""If I can see it, then I can do it. If I just believe it, there's nothing to it" | Outlook Business". www.outlookbusiness.com. Retrieved 9 July 2017. {{cite news}}: |last= has generic name (help)
  14. ↑ "Capital First Limited | Warburg Pincus". Warburg Pincus. Archived from the original on 5 May 2016. Retrieved 9 July 2017.
  15. ↑ "V. Vaidyanathan takes wing with a $17 million stake in a star NBFC". www.businesstoday.in. 3 July 2012. Retrieved 9 July 2017.
  16. ↑ Sundarajan, Priya (13 January 2018). "IDFC Bank to take over Capital First in share swap deal". BusinessLine. Retrieved 13 March 2025.
  17. ↑ "Capital First merges with IDFC Bank to create IDFC First Bank". moneycontrol. 18 December 2018. Retrieved 20 December 2018.
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