IDFC Bank debuts on bourses, ends mixed

IDFC Bank, the demerged banking entity of infrastructure finance company IDFC, made its debut on the bourses today.
The stock was listed at Rs 70.50 on BSE and finally ended at Rs 70.70, up 0.28 per cent from the opening price. During the day, it touched a high of Rs 73.45 and a low of Rs 67.
At NSE, shares of the company, which listed at Rs 70.50, closed the day at Rs 70.40, down 0.14 per cent over the opening price.
On the volume front, 43.03 lakh shares of the company changed hands at BSE and over two crore shares were traded at NSE during the day.

The company commands a market valuation of Rs 23,978.14 crore.
Promoters hold a 53 per cent stake in the company.

IDFC Bank secured the approval to list its shares from the two stock exchanges in the first week of November, a company statement said.
"The listing underlines the energy driving IDFC Bank, its growth ambitions and the transparency it intends to bring to investors. The Bank is committed to creating superior customer experience through a service-oriented approach and technology that makes banking smarter, simpler and more efficient," Rajiv B Lall, Managing Director & CEO, IDFC Bank said.
The Reserve Bank of India granted a universal banking license to IDFC on July 23.

IDFC demerged on October 1, transferring all assets and liabilities of its lending business (financing undertaking) to IDFC Bank, it said.
IDFC Bank has started its journey with a balance sheet of Rs 73,447 crore and a net worth of Rs 13,322 crore. The book value of IDFC Bank share is Rs 39.11.
IDFC Bank began operations on October 1, with 23 branches across India, 15 of which are spread across three districts of Madhya Pradesh.