On March 21, IDFC Ltd and IDFC Financial Holding Company Ltd said they had appointed Axis Capital Ltd to issue a fair opinion on the share swap ratio for the merger with the bank.

They have gone through all the stages of enterprise simplification. “The next step is to merge with IDFC First Bank Limited,” the company said in an exchange filing. “We recommend the merger be completed during the current financial year, barring unforeseen circumstances.”

The company also appointed SSPA & Co, Chartered Accountants as a registered valuer to recommend a fair share exchange ratio, and the law firm of Cyril Amarchand Mangaldas to conduct legal, due diligence, draft and complete the merger plan and submit regulatory applications.

On February 1, IDFC Ltd said its board had approved in principle an investment of about Rs 2,200 crore in IDFC First Bank, raising its stake to a maximum of 40% from the current 36.38%.

The company said this would give the bank growth capital in an exchange filing.

In addition, IDFC’s board of directors has declared a special interim dividend of Rs 11 per share, whereby the government of India, IDFC’s largest shareholder, will receive a dividend of Rs 287 crore.