IDFC was up on buying action after getting approval from board members to demerge its financial undertaking into a wholly owned step down subsidiary IDFC Bank, the company said in a filing to stock exchanges.
IDFC Bank will issue one equity share of Rs 10 each for every one share of Rs 10 each held in IDFC as a consideration for the demerger of financial undertaking.
On the completion of the demerger, equity share capital of IDFC Bank will be held approximately 53 per cent by IDFC Financial Holding, a 100 per cent subsidiary of IDFC and approximately 47 per cent by the shareholders of IDFC.
IDFC Bank will issue one equity share of Rs 10 each for every one share of Rs 10 each held in IDFC as a consideration for the demerger of financial undertaking.
On the completion of the demerger, equity share capital of IDFC Bank will be held approximately 53 per cent by IDFC Financial Holding, a 100 per cent subsidiary of IDFC and approximately 47 per cent by the shareholders of IDFC.
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