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IDFC L - Updates on Scheme of Arrangement

By Religare

With reference to earlier letter dated July 13, 2015 whereby it was informed that the Hon'ble High Court of Judicature at Madras, vide its Order dated June 25, 2015, has approved the Scheme of Arrangement (Demerger) between IDFC Limited and IDFC Bank Limited and their respective shareholders and creditors.

PART B of SEBI Circular dated February 4, 2013 reads as follows -

1. The transferee entity shall confirm that it has taken steps for listing of its equity shares, within thirty days of the receipt of the order of the Hon'ble High Court sanctioning the Scheme, simultaneously on all the stock exchanges where the equity shares of the transferor entity are/were listed,

2. The formalities for commencing of trading shall be completed within forty five days of the order of the Hon'ble High Court.

IDFC Ltd has now informed BSE that since the allotment of equity shares by Transferee Company to the shareholders of Transferor Company cannot be made before the Effective Date of Demerger and since the Demerger Scheme will be Effective only after complying with all the conditions of Clause 5.8 of the Demerger Scheme, the steps for listing and trading of equity shares of Transferee Company will be taken only after Effective Date of Demerger.

Story first published: Monday, July 27, 2015, 12:40 [IST]
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