IDFC bank unit to begin operations from 1 October
IDFC MD Rajiv Lall says the bank will start operations with an initial loan book of around Rs55,000 crore
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Mumbai: IDFC Ltd shares gained as much as 3.8% on Friday after the company’s managing director said that the bank unit will begin operations from October.
IDFC Bank will start operation from 1 October with an initial loan book of around Rs.55,000 crore, Rajiv Lall, managing director of IDFC, tells CNBC TV 18.
Each IDFC shareholder will get 1 share of IDFC Bank, Lall added.
IDFC shareholders on Friday approved the demerger of its financial undertaking into IDFC Bank. With this approval, most of IDFC-to-IDFC Bank conversion process has been completed. An approval from the Reserve Bank of India (RBI) has already come through, the company said.
Shares of IDFC were trading 2.15% higher at Rs.176 apiece at 11:30am on Friday. Reuters
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