IDFC soars 19% as RBI allows company to exit as promoter of IDFC First Bank

IDFC stands to benefit as a reverse merger could help unlock shareholder value, removing the holding company discount, ICICI Securities said in a note

Shares of IDFC soared 19 per cent to its 52-week high of Rs 62.60 on the BSE in intra-day trade on Thursday after the company said the Reserve Bank of India (RBI) has allowed it to exit as the promoter of IDFC First Bank as the five-year lock-in period expires. The stock of the non-banking finance company surpassed its previous high of Rs 60.25 touched on May 25, 2021.

IDFC currently owns a 100 per cent stake in IDFC Financial Holding Company, which, in turn, holds 100 per cent in IDFC Asset Management and 36.6 per cent in IDFC First Bank.

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