IDFC announced that the Board of Directors of the Company at its meeting held on 01 February 2023, has recommended a Special Interim dividend of Rs.11 per share (i.e.110%), subject to the approval of the shareholders.

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IDFC (up 4.50%) and IDFC First Bank (up 4.07%) advanced.

This will provide growth capital to IDFC First Bank, the company said in a statement.

Further, the IDFC board has declared a special interim dividend of Rs 11 per share, due to which the Government of India, the largest shareholder in IDFC, would receive a payout of Rs 287 crore.

Further, IDFC and IDFC Financial Holding have begun the process of merger with IDFC First Bank.

The merger involves finalising the swap ratio, filing of the scheme and obtaining approvals from the stock exchanges, the Reserve Bank of India, and the Competition Commission of India, apart from approvals by shareholders, creditors and National Company Law Tribunal (NCLT).

Commenting on the progress, Anil Singhvi, chairman of IDFC, said: We have completed the last step of corporate simplification by selling our Mutual Fund business to Bandhan Consortium for Rs 4500 crore.

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Net profit of IDFC rose 1392.32% to Rs 272.05 crore in the quarter ended December 2022 as against Rs 18.23 crore during the previous quarter ended December 2021. Sales declined 44.68% to Rs 29.73 crore in the quarter ended December 2022 as against Rs 53.74 crore during the previous quarter ended December 2021.

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IDFC and IDFC Financial Holding Company have completed the divestment of IDFC Asset Management Company and IDFC AMC Trustee Company for Rs 4,500 crore (on a fully diluted basis and subject to customary price adjustments at the closure) to the consortium comprising of Bandhan Financial Holding, Lathe Investment Pte. (affiliate of GI), Tangerine Investments and Infinity Partners (affiliates of ChrysCapital) (Transaction).

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