New Delhi : On Wednesday, UBS Group, a Swiss financial services company, purchased Rs 88 crore worth of shares of IDFC Ltd in an open market deal. As per the data on bulk deals provided by the NSE, UBS, through its division UBS Principal Capital Asia, acquired 81,48,705 shares, equivalent to a 0.51 pc ownership in IDFC Ltd. The stocks were purchased at a mean price of Rs 107.92 each, resulting in a total transaction amount of Rs 87.94 crore. The identities of the sellers of IDFC's shares were unverifiable on the National Stock Exchange (NSE).
IDFC's stock price dropped by 1.09 percent to end at Rs 108.78 each on the NSE. IDFC First Bank declared the successful merger of IDFC Ltd with the bank last month. After the merger, the Bank will have a streamlined corporate setup without a holding company. IDFC First Bank revealed in July 2023 the merger of its parent company IDFC Ltd with itself through an all-stock transaction, following the recent amalgamation of the HDFC twins in the Indian banking sector. IDFC started as an infrastructure lender in 1997.
In April 2014, the RBI gave initial approval for establishing a bank. In October 2015, IDFC Bank was introduced as on-tap licensing started, with the transfer of loans and liabilities from IDFC. In December 2018, Capital First, a non-banking institution focused on consumers and MSMEs since 2012, was acquired and rebranded as IDFC First Bank, transitioning into a full-service universal bank.
FIRST Business Portal addressing the potential of business capability of North East Region.
