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IDFC has informed the stock exchange that the Madras High Court has approved the Scheme of Arrangement (demerger) between IDFC and IDFC Bank.
Earlier, the RBI had given its clearance to the scheme of arrangement proposed by the company.
IDFC was one of the two applicants (the other being Bandhan Financial Services Pvt Ltd) that received in-principle approval last year to establish banks.
The board of directors of IDFC, on October 30, 2014, gave its approval to demerge its financing undertaking into its wholly-owned subsidiary IDFC Bank (transferee company) as part of the scheme of arrangement under the Companies Act, 1956.
After the scheme became effective and after securing all relevant approvals, the shares of IDFC Bank would be listed on the BSE and the NSE, the board said. The board of IDFC Bank, which was incorporated by IDFC with paid-up capital of ₹5 lakh, also approved the scheme.
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