On Thursday, IDFC Bank shares soared 19 per cent to their 52-week high of Rs 62.60 on the BSE in intra-day trade after the company said the Reserve Bank of India (RBI) has allowed it to exist promoter of IDFC First Bank as the five-year lock-in period expires. The stock of the non-banking finance company surpassed its previous high of Rs 60.25 touched on May 25, 2021.
IDFC currently owns a 100 per cent stake in IDFC Financial Holding Company, which, in turn, holds 100 per cent in IDFC Asset Management and 36.6 per cent in IDFC First Bank. In a regulatory filing made to the BSE, IDFC said the RBI on July 20 clarified that “after the expiry of the lock-in period of 5 years, IDFC Limited can exit as the promoter of IDFC First Bank Limited”.
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Accordingly, the company can now exit as the promoter of IDFC First Bank as the five-year lock-in period has ended. The IDFC Bank was created by the demerger of the infrastructure lending business of IDFC to IDFC Bank in 2015.
