IDFC Bank shares may list for trading on November 6

IDFC 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 percent stake in IDFC Bank, 75 percent stake in IDFC Asset Management Company, 100 percent stake in IDFC Securities, 100 percent stake in IDFC Alternatives," it said. Besides, the company said its 100 percent stake in IDFC Infrastructure Debt Fund will be brought down to 49 percent 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.