With IDFC Bank being carved out as the country’s newest bank, infrastructure financing firm IDFC Ltd on Thursday began trading as a standalone entity as part of the demerger scheme.
IDFC shares tanked over 50 per cent on Thursday after ex-demerger of IDFC bank and IDFC. IDFC shareholders would get an equity share in IDFC Bank for every equity share in IDFC, according to the company filing in BSE. The IDFC management plans to list IDFC bank by November 6.
IDFC shares opened at Rs 69 apiece on BSE compared to its previous close of Rs 141.30. The share price of IDFC settled at Rs 60.30 on Thursday.
IDFC’s stock will reflect 53 per cent stake in IDFC Bank as compared to 100 per cent earlier. Fair value for IDFC seen between Rs 100-120 per share and that for the banking arm seen between Rs 70-80 per unit.
Rajiv Lall takes over the position of MD and CEO of IDFC Bank with effect from October 1, 2015. As a result, the Board of Directors of IDFC Limited has accepted the resignation of Rajiv Lall, as executive chairman of the company w.e.f. September 30, 2015.
IDFC Ltd has fixed October 5 as record date for share transfer as part of demerger scheme, which became effective from Thursday.
IDFC Bank, which started functioning as a full fledged bank from Thursday with over 20 branches, will get get listed separately later.
(With inputs from Reuters)