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Madras High Court approves IDFC, IDFC Bank demerger

By Religare
|

Infrastructure financier IDFC said that the High Court of Judicature at Madras has approved the demerger between IDFC Limited and IDFC Bank Limited and their respective shareholders and creditors.

"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," the company said in a filing to the Bombay Stock Exchange.

 

Further, the company said 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.

Meanwhile, shares of the company were trading at Rs 158.60 a piece, up 0.83 per cent from the previous close at 9:48 hours on BSE.

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