IDFC First Bank Limited

Whatever be the swap ratio shareholders of IDFC Ltd should gain a bit after the merger right.
Scenario 1
Swap Ratio of 1.66 which reflects the IDFC Ltd 40% holding in the Bank. Price realization for IDFC Ltd will be around 96 per share after the swap and after dividend payment.
Scenario 2
Lower Swap Ratio of say 1.4. This ratio will favor IDFCB as number of outstanding shares will reduce leading to higher book value per share which will lead to a higher price if valuation remains the same. However this scenario is also beneficial for IDFC Ltd because although they get lower number of shares the price of the shares will be higher. Of course this scenario is not as rosy as the first scenario but even in this scenario eventual price realization + 11 Rs dividend will come to around Rs 97-98