IDFC Bank shares may list for trading on Nov 6

IDFC Ltd today said that shares of its newly launched IDFC Bank are expected to list and trade on November 6.
"Shareholders will have to wait for IDFC Bank shares to list and trade to evaluate the value of their combined IDFC and IDFC Bank shareholding," it said in a release.
The release follows email sent to shareholders and bondholders today updating them about impact of demerger of its financial unit into a separate bank company.
On October 1, 2015, it transferred all assets and liabilities of its lending business (Financing Undertaking) to IDFC Bank Limited and simultaneously launched the Bank.

However, the formal inauguration was on October 19.
It said post demerger, its networth stands at Rs 9,580 crore.

"Post demerger, the networth of IDFC is Rs 9,580 crore and its portfolio of businesses include 53 per cent stake in IDFC Bank, 75 per cent stake in IDFC Asset Management Company, 100 per cent stake in IDFC Securities, 100 per cent stake in IDFC Alternatives," it said.
Besides, the company said its 100 per cent stake in IDFC Infrastructure Debt Fund will be brought down to 49 per cent over a period of time.
The Reserve Bank had granted IDFC Ltd a universal banking licence in July.

Further, IDFC said that shareholders of the company as on October 5, as per the scheme of demerger received an equivalent number of IDFC Bank shares (free of cost).
IDFC shares are now trading ex-bank and IDFC Bank shares are not yet listed and traded.
The email also stated that IDFC Bank is starting its journey with a balance sheet of Rs 73,447 crore and a networth of Rs 13,322 crore.
The book value of IDFC share is Rs 60.10 and that of IDFC Bank share is Rs 39.11.
IDFC Bank comprises three businesses -- commercial & wholesale bank, rural bank and personal & business bank.

"The Bank's strategy and effort is to create a universal bank in 5-7 years with three businesses well established."
IDFC Bank has been launched with 23 branches. Of these, 15 are rural branches in Hoshangabad, Khandwa and Harda districts of Madhya Pradesh, the rest being spread across urban locations.
The Bank expects to have a network that will be lighter on branches and rely more on digital infrastructure, it added.
IDFC Bank is expected to be open to urban customers in January 2016.