The company is seeking the approval of shareholders at the annual general meeting scheduled on July 18. "This will help us in an easier management of the company as all the non-balance sheet businesses will be grouped into a single entity... We have no intention to list the holding company. This may be considered at a later stage," said a senior IDFC executive. IDFC holds an 80 per cent stake in IDFC-SSKI Securities, with the remaining 20 per cent shares owned by the employees' trust. The other three subsidiaries are wholly owned by IDFC. |
The employees' trust in IDFC-SSKI Securities will be allotted shares of the intermediate holding company at a fair value determined by independent valuers and as approved by the boards of IDFC-SSKI Securties and IDFC, the notice said.
IDFC has also proposed to grant stock options to the IDFC group employees in the holding company, representing up to 5 per cent of the share capital.
