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Shares of IDFC have moved higher by 4% to Rs 161 on the NSE after the company announced that IDFC bank has received bank license from the Reserve Bank of India (RBI).
“The Reserve Bank of India on July 23, 2015 has granted banking licence to "IDFC Bank Limited" for undertaking banking business in India under Section 22(1) of the Banking Regulation Act, 1949,” IDFC said in a regulatory filing.
Last month, the Hon'ble High Court of Judicature at Madras, has approved the scheme of arrangement (demerger) between IDFC and IDFC Bank.
In October last year, the board of directors of IDFC had approved a proposal to demerge its financing undertaking into its wholly owned step down subsidiary IDFC Bank.
As per the demerger proposal, IDFC will issue one equity share of Rs 10 each, fully paid up of IDFC Bank for every one equity share of Rs 10 each held in IDFC, to the shareholders as on the record date.
At 11:01 AM, shares of IDFC was up 3.7% at Rs 159 on the NSE and seen a combined 8.26 million shares changed hands on the counter on the NSE and BSE.
“The Reserve Bank of India on July 23, 2015 has granted banking licence to "IDFC Bank Limited" for undertaking banking business in India under Section 22(1) of the Banking Regulation Act, 1949,” IDFC said in a regulatory filing.
Last month, the Hon'ble High Court of Judicature at Madras, has approved the scheme of arrangement (demerger) between IDFC and IDFC Bank.
In October last year, the board of directors of IDFC had approved a proposal to demerge its financing undertaking into its wholly owned step down subsidiary IDFC Bank.
As per the demerger proposal, IDFC will issue one equity share of Rs 10 each, fully paid up of IDFC Bank for every one equity share of Rs 10 each held in IDFC, to the shareholders as on the record date.
At 11:01 AM, shares of IDFC was up 3.7% at Rs 159 on the NSE and seen a combined 8.26 million shares changed hands on the counter on the NSE and BSE.
