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| Traded as | |
|---|---|
| Industry | Banking, Financial services |
| Founded | 1997; 27 years ago (1997) (Chennai) |
| Fate | Merged with IDFC First Bank |
| Successor | IDFC First Bank |
| Headquarters | Chennai, Tamil Nadu, India |
| Area served | India |
| Services | Infrastructure Advisory and Finance Investment banking Asset Management |
| AUM |  ₹115,000 crore (US$14 billion) (2022) |
| Subsidiaries | IDFC Project Equity IDFC First Bank IDFC Securities IDFC Pension Fund Management IDFC Foundation IDFC Institute |
| Website | www |
Infrastructure Development Finance Company Limited, more commonly known as IDFC, was a development finance institution based in India under the Department of Financial Services, Government of India. It provided finance and advisory services for infrastructure projects, as well as asset management and investment banking.
The company was privatized by reverse merger with IDFC First Bank on 1 October 2024.
Company history
IDFC was incorporated on 30 January 1997 by Government of India, with its registered office in Chennai, and started operations on 9 June 1997. In 1998 the company registered with the Reserve Bank of India (RBI) as a Non-Banking Financial Company (NBFC). In the year 1999 the company was notified as Public Financial Institution.
In August 2005, the company's equity shares were listed on the National Stock Exchange of India (NSE) and Bombay Stock Exchange (BSE) after an initial public offering (IPO). Government of India cut down its ownership from 100% to 34.91% through the IPO, despite that it still retains majority ownership.
In May 2008, the company entered into asset management by acquiring the AMC business of Standard Chartered Bank in India, namely Standard Chartered Asset Management Company Pvt Ltd and Standard Chartered Trustee Company Pvt Ltd; the acquired companies were re-branded as IDFC Asset Management Company Pvt Ltd and IDFC AMC Trustee Company Pvt Ltd respectively.
In 2008–09, the company acquired 100% of the share capital of IDFC Capital (Singapore) Pvt Ltd. In the same year, the company established IDFC Foundation to focus on capacity building, policy advisory and sustainability initiatives.
IDFC Bank started operating banking services on 1 October 2015.
On 1 October 2024, IDFC Limited merged with the bank, with shareholders receiving 155 bank shares for every 100 IDFC Limited shares.
References
- "AAUM by over 8.5% to Rs. 115,000 crore in FY22" (PDF). www.idfclimited.com. 31 December 2022. p. in PDF on page 42 Paragraph 3.
- "STATUTORY CORPORATIONS, COMPANIES AND OTHER BODIES IN WHICH THE GOVERNMENT OF INDIA HAVE FINANCIAL OR CONTROLLING INTEREST LOK SABHA SECRETARIAT" (PDF). Parliament of India, Lok Sabha. 1 September 2021.
- "Buy IDFC target Rs 61: Manas Jaiswal". The Economic Times. 1 September 2017. Retrieved 27 January 2018.
- "IDFC FIRST Bank announces completion of IDFC Ltd merger". Financialexpress. 27 September 2024. Retrieved 15 October 2024.
- "IDFC Ltd". Business Standard India – via Business Standard.
- "IDFC Ltd. Stock Price, Share Price, Live BSE/NSE, IDFC Ltd. Bids Offers. Buy/Sell IDFC Ltd. news & tips, & F&O Quotes, NSE/BSE Forecast News and Live Quotes". www.moneycontrol.com.
- Tiwari, Dheeraj (22 April 2015). "Government may sell stakes in IDFC, Tata Communications via ETF route". The Economic Times.
- Reporter, B. S. (8 March 2008). "IDFC buys StanChart AMC for $205 million". Business Standard India – via Business Standard.
- "About Us". www.idfcfoundation.com.
- Vishnoi, Abhishek (10 April 2015). "IDFC bank unit to begin operations from 1 October". Live Mint. HT Media Ltd. Retrieved 2 October 2015.
- "IDFC FIRST Bank announces completion of IDFC Ltd merger effective Oct 1". Business Standard. 27 September 2024. Retrieved 15 October 2024.