 "IDFC trades at ex-demerger")
Shares of IDFC were trading at Rs 70.35 on the National Stock Exchange (NSE) after the stock turned ex-demerger of IDFC Bank from IDFC today. The stock had closed at Rs 141 (pre-demerger) on Wednesday.
The stock opened at Rs 69.15, hit a high of Rs 73.90 and low of Rs 65.55 on the NSE so far. A combined 1.96 million shares changed hands on the counter on the NSE and BSE till 10:10 am.
IDFC has fixed October 1 as ex-date for the demerger. IDFC shareholders would get one equity share in IDFC Bank for every equity share in IDFC.
“The company has fixed record date as October 05, 2015 for the purpose of entitlement of shares of IDFC Bank. Pursuant to the demerger scheme, IDFC Bank will issue and allot shares to the shareholders of IDFC, whose name is recorded in the register of members of IDFC as on the record date, one equity share having a face value of Rs 10 each of IDFC Bank for every one equity share held by them in IDFC, each equity share being fully paid-up,” IDFC said in a BSE filing.
The demerger scheme will be effective on October 1, 2015 when the financing undertaking of IDFC will be transferred to IDFC will be transferred to IDFC Bank. Post October 1, 2015, the lending and financing business of IDFC will be carried on by IDFC Bank, it added.
IDFC Bank shares likely to be listed by November 6, 2015.
The stock opened at Rs 69.15, hit a high of Rs 73.90 and low of Rs 65.55 on the NSE so far. A combined 1.96 million shares changed hands on the counter on the NSE and BSE till 10:10 am.
IDFC has fixed October 1 as ex-date for the demerger. IDFC shareholders would get one equity share in IDFC Bank for every equity share in IDFC.
“The company has fixed record date as October 05, 2015 for the purpose of entitlement of shares of IDFC Bank. Pursuant to the demerger scheme, IDFC Bank will issue and allot shares to the shareholders of IDFC, whose name is recorded in the register of members of IDFC as on the record date, one equity share having a face value of Rs 10 each of IDFC Bank for every one equity share held by them in IDFC, each equity share being fully paid-up,” IDFC said in a BSE filing.
The demerger scheme will be effective on October 1, 2015 when the financing undertaking of IDFC will be transferred to IDFC will be transferred to IDFC Bank. Post October 1, 2015, the lending and financing business of IDFC will be carried on by IDFC Bank, it added.
IDFC Bank shares likely to be listed by November 6, 2015.
Analyst at Prabhudas Lilladher believes that the imminent listing of the bank enabling investors to directly invest in the bank, and, opening up of large foreign institutional investor headroom will act as near term catalyst for stock performance. Improvement in earnings stability and return ratios will help re-rate the stock over the longer term.