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With IDFC Bank being carved out as the country’s newest bank, infrastructure financing firm IDFC Ltd today began trading as a stand-alone entity as part of the demerger scheme.
The stock opened at Rs 69 on the BSE and was later trading at Rs 61.10, down 11.44 per cent from the opening price.
It touched a high of Rs 74.90 and a low of Rs 60.10 so far during the day.
The stock closed at Rs 141.30 (pre-demerger) yesterday.
Taking the pre-demerger closing price into account, the stock has lost over 56 per cent today.
IDFC Ltd has fixed October 5 as record date for share transfer as part of demerger scheme, which became effective today.
IDFC Bank, which started functioning as a full-fledged bank from today with over 20 branches, will get listed separately later.
“Pursuant to the demerger scheme, IDFC Bank will allot shares of IDFC Ltd, whose name is recorded in the Register of IDFC Ltd as on the record date, one equity share having a face value of Rs 10 each of IDFC Bank Ltd for every one equity share held by them in IDFC Ltd, each equity share being fully paid-up,” the company had said in a BSE filing on September 21.
The demerger scheme will be effective on October 1, 2015, when the financing undertaking of IDFC Ltd will be transferred to IDFC Bank, the filing had said.
It has fixed record date as October 5 for the purpose of entitlement of shares of IDFC Bank Ltd.
Post the record date, IDFC Bank will allot its shares to the shareholders of IDFC Ltd, the company had said.
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