Infrastructure financing firm IDFC Ltd has received shareholders approval to its demerger scheme to set up a wholly-owned subsidiary IDFC Bank.
“The shareholders have unanimously approved the scheme of arrangement among IDFC Ltd and IDFC Bank Ltd and their respective shareholders and creditors under Section 391 to 394 of the Companies Act, 1956”, IDFC Ltd said in a BSE filing.
The scheme was earlier approved by the Reserve Bank and IDFC board of directors. In April last year, IDFC Ltd had also got the licence from the RBI to set up a bank.
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