Friday, 31 October 2014

IDFC demerges financial unit into bank; stock gains

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. 

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