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ICICI Securities Report
IDFC Ltd. received the clarification from the Reserve Bank of India (vide its letter dated July 20, 2021) allowing it to exit as the promoter of IDFC First Bank Ltd. after the expiry of lock‐in period of five years (October 2020).
The way forward was to spin off its asset management business, alienate the investments by IDFC Foundation and detach IDFC Foundation.
However, to everyone’s disappointment, the progress on this front has been slow in view of specific conditions that exist in IDFC Foundation’s joint venture agreements.
Surprisingly, sale in IDFC Asset Management Company too is not being processed in parallel with IDFC Foundation joint venture disengagement.
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