I had invested in Capital First. It is now turning out to be an acceptable decision, however I felt that CF shareholders were let down when a string of large NPAs suddenly cropped up subsequently. These have been explained away as legacy issues. Since the combined entity is being claimed as an ethical unit, I feel the merger provides an opportunity to IDFC Ltd to set things right.
The merger ratio can make an attempt to compensate the CF shareholders for the capital loss they have suffered during the last four years by providing a reasonable discount.
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