Infrastructure financing firm IDFC Ltd today fixed October 5 as record date for share transfer as part of demerger scheme.
"Pursuant to the demerger 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 BSE filing.
The firm has fixed record date as October 5 for the purpose of entitlement of shares of IDFC Bank Limited, it added.
With the demerger 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.
The new bank plans to start operations with an initial loan book of around Rs 55,000 crore and with 20 branches.
