IDFC slumps ex-demerger scheme

IDFC slumped 55.13% at Rs 63.40 at 12:20 IST on BSE after the demerger scheme takes effect today, 1 October 2015, when financing undertaking of IDFC gets transferred to IDFC Bank.

Meanwhile, the S&P BSE Sensex was up 120.26 points or 0.46% at 26,275.09.

On BSE, so far 8.03 lakh shares were traded in the counter as against average daily volume of 8.54 lakh shares in the past one quarter.

Shares of finance firm hit a high of Rs 74.90 and a low of Rs 62.10 so far during the day.

Post 1 October 2015, the lending and financing business of IDFC will be carried out by IDFC Bank. After the demerger scheme becoming effective, the shares of IDFC Bank will be listed on the stock exchanges. IDFC has fixed 5 October 2015 as the record date for the purpose of entitlement of shares of IDFC Bank to shareholders of IDFC pursuant to the demerger scheme. IDFC Bank will issue and allot 1 share of IDFC Bank for every one share held by them in IDFC.

IDFC said after market hours yesterday, 30 September 2015, that Dr. Rajiv Lall will be taking over the position of MD & CEO of IDFC Bank with effect from 1 October 2015 pursuant to th Reserve Bank of India (RBI), vide its letter dated 23 July 2015, issuing a license to IDFC Bank to launch the banking business. As a result, the board of directors of IDFC has accepted the resignation of Dr. Rajiv Lall, as executive Chairman of the Company w.e.f. 30 September 2015.

IDFC's net profit declined 46.4% to Rs 240.88 crore on 2.3% rise in total income to Rs 2087.08 crore in Q1 June 2015 over Q1 June 2014.

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