IDFC stock up as it receives RBI final nod
The term lending financial institution will be cherished as IDFC Bank and is expected start operations from October 1 of this year.
By ET Bureau | Updated:
By Pratik Bhakta & Sangita Mehta (ET Bureau)
MUMBAI: In a lacklustre stock market which is down 160 points, shares of IDFC rose 3.4% after the company disclosed to the Bombay Stock Exchange that it has been granted banking licence from the Reserve Bank of India on Thursday.
The term lending financial institution will be cherished as IDFC Bank and is expected start operations from October 1 of this year. The shares of IDFC opened at Rs 153 and was traded at Rs 160 at around 1.30 pm.
IDFC and micro-finance company Bandhan were the only two entities among 20 odd aspirants that received banking licences. The company has posted a profit of Rs 1707 crore for fiscal year 2014-15, down 5% from Rs 1824 crore a year ago.
IDFC, which will have its AGM on July 30, has sought shareholders’ approval to appoint Rajiv Lall as executive chairman, Vikram Limaye as MD & CEO and Sunil Kakar as chief financial officer.
As a prelude to converting itself into a bank, the financial entity has sought shareholders’ approval to raise Rs 80000 crore in form of non- convertible bonds and certificate of deposits.
MUMBAI: In a lacklustre stock market which is down 160 points, shares of IDFC rose 3.4% after the company disclosed to the Bombay Stock Exchange that it has been granted banking licence from the Reserve Bank of India on Thursday.
The term lending financial institution will be cherished as IDFC Bank and is expected start operations from October 1 of this year. The shares of IDFC opened at Rs 153 and was traded at Rs 160 at around 1.30 pm.
IDFC and micro-finance company Bandhan were the only two entities among 20 odd aspirants that received banking licences. The company has posted a profit of Rs 1707 crore for fiscal year 2014-15, down 5% from Rs 1824 crore a year ago.
IDFC, which will have its AGM on July 30, has sought shareholders’ approval to appoint Rajiv Lall as executive chairman, Vikram Limaye as MD & CEO and Sunil Kakar as chief financial officer.
As a prelude to converting itself into a bank, the financial entity has sought shareholders’ approval to raise Rs 80000 crore in form of non- convertible bonds and certificate of deposits.
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IDFC has a loan book of Rs 54745 crore, total borrowings of Rs 66,252 crore and a balance sheet size of Rs 87068 crore. Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
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