Panaji
In an effort to keep investors informed, leading infrastructure finance company, IDFC on Friday, updated its shareholders and bondholders about the impact of the company's demerger, under which it transferred all assets and liabilities of its lending businesses to IDFC Bank Limited.
After starting ops on Oct 1, 2015, shareholders of IDFC as on the record date i.e. October 5, 2015, as per the scheme of demerger approved by the Hon’ble Chennai High Court, have received an equivalent number of IDFC Bank shares (free of cost). IDFC shares are now trading ex-bank and IDFC Bank shares are not yet listed and traded.
In the email sent to shareholders today, IDFC said that the IDFC Bank shares are expected to list and trade on November 6, 2015. Shareholders will have to wait for IDFC Bank shares to list and trade to evaluate the value of their combined IDFC and IDFC Bank shareholding.
The Reserve Bank of India granted a universal banking license to IDFC Limited on July 23, 2015.
Post demerger, the networth of IDFC is INR 9,580 crore and its portfolio of businesses include 53% stake in IDFC Bank, 75% stake in IDFC Asset Management Company, 100% stake in IDFC Securities, 100% stake in IDFC Alternatives and as of now, 100% stake in IDFC Infrastructure Debt Fund (which will have to be brought down to 49% over a period of time).
The book value of IDFC share is INR 60.10 and that of IDFC Bank share is INR 39.11.
