Just to make it clear, IDFC Ltd. shareholders will get fewer shares of IDFC First Ltd., than their indirect shareholding in IDFC First via IDFC. IDFC First will issue only 248 cr shares for about 264.64 shares of IDFC First currently held by IDFC (+ anything else IDFC has).
In other words IDFC First is giving less to IDFC Ltd. than what IDFC Ltd. is giving to IDFC First (IDFC First shares + net other assets in holdco). This discount is 6.288% and most likely negotiated by IDFC First to clear the Holdco discount, among others.
This also has the effect of increasing the increasing the book value per share because (a) share count goes down for the same net worth (b) IDFC Ltd.'s assets (incl cash) comes on its books
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