IDFC stock hits new 52-week high after RBI allows to exit as promoter from IDFC First Bank

With the green signal, IDFC can now exit as the promoter of the Bank as the lock-in period has ended.

Jul 22, 2021 12:07 IST India Infoline News Service

IDFC FIRST Bank
IDFC First Bank and IDFC stocks were in the fast lane on Thursday after the Reserve Bank of India (RBI) allowed IDFC to exit as the promoter of the Bank.

At around 12.39 PM, IDFC was trading at Rs59.45 per piece up by 12.70%. IDFC has hit a new 52-week high of Rs62.60 per piece earlier today.

Meantime, IDFC First was trading at Rs52.55 per piece up by 2.6% on Sensex. The stock has touched an intraday high of Rs53.25 per piece in the early deals.

IDFC First Bank has intimated exchanges that RBI clarified on July 20, that "after the expiry of lock‐in period of 5 years, IDFC Limited can exit as the promoter of IDFC FIRST Bank Limited." 

With the green signal, IDFC can now exit as the promoter of the Bank as the lock-in period has ended.

Capital First has been merged with IDFC Bank since December 2018. The merger of two organisations resulted in the birth of IDFC First Bank.

Earlier in 2015, IDFC Bank was created by the demerger of IDFC's infrastructure lending business.

As of June 30, 2021, IDFC Financial Holding Company is the only promoter in IDFC First Bank with 36.56% or 2,26,89,37,489 equity shares. 

Related Story

Open Free Demat Account (Rs699)