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IDFC fixes Oct 5 as record date for De-merger

By Religare
|

Infrastructure financing firm IDFC Ltd said that it has fixed October 5 as record date for share transfer as part of de-merger scheme.

"Pursuant to the de-merger scheme, IDFC Bank will allot shares of IDFC Limited, whose name is recorded in the Register of IDFC Limited as on the record date, one equity share having a face value of Rs 10 each of IDFC Bank Limited for every one equity share held by them in IDFC Limited, each equity share being fully paid-up," the company said in a filing to the Bombay Stock Exchange.

 

The firm has fixed record date as October 5 for the purpose of entitlement of shares of IDFC Bank Limited, it added.

With the de-merger of financial undertaking from IDFC Ltd, IDFC Bank will kick-start its lending operations from October 1, 2015.

The transfer of business to the new bank should coincide with commencement of banking business, it had said last month.

RBI had granted license to IDFC Bank on July 23, 2015.

Meanwhile, shares of the company were trading at Rs 137.10 a piece, down 2.11 per cent from the previous close at 10:12 hours on BSE.

Story first published: Tuesday, September 22, 2015, 12:20 [IST]
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