Infrastructure Development Finance Company Limited, more commonly known as IDFC, was a

development finance institution Development finance institution (DFI), also known as a Development bank, is a financial institution that provides risk capital for economic development projects on a non-commercial basis. DFIs are often established and owned by governments or ...

based in India under the Department of Financial Services,

Government of India The Government of India (ISO 15919, ISO: Bhārata Sarakāra, legally the Union Government or Union of India or the Central Government) is the national authority of the Republic of India, located in South Asia, consisting of States and union t ...

. It provided finance and advisory services for

infrastructure Infrastructure is the set of facilities and systems that serve a country, city, or other area, and encompasses the services and facilities necessary for its economy, households and firms to function. Infrastructure is composed of public and pri ...

projects, as well as

asset management Asset management is a systematic approach to the governance and realization of all value for which a group or entity is responsible. It may apply both to tangible assets (physical objects such as complex process or manufacturing plants, infrastr ...

and

investment banking Investment banking is an advisory-based financial service for institutional investors, corporations, governments, and similar clients. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by und ...

. IDFC reverse merged with

IDFC First Bank IDFC First Bank (stylised as IDFC FIRST Bank) is an Indian private sector bank based in Mumbai. Founded in 2015 as a banking subsidiary of IDFC Limited, it shifted focus from infrastructure financing to retail banking after its 2018 merger with ...

on 1 October 2024.

Company history

IDFC was incorporated on 30 January 1997 by

, with its registered office in

Chennai Chennai, also known as Madras (List of renamed places in India#Tamil Nadu, its official name until 1996), is the capital city, capital and List of cities in Tamil Nadu by population, largest city of Tamil Nadu, the southernmost states and ...

, 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 National Stock Exchange of India Limited, also known as the National Stock Exchange (NSE), is an Indian stock exchange based in Mumbai. It is the List of stock exchanges, 5th largest stock exchange in the world by total market capitalization, ...

(NSE) and

Bombay Stock Exchange BSE Limited, also known as the Bombay Stock Exchange (BSE), is an Indian stock exchange based in Mumbai. It is the 6th largest stock exchange in the world by total market capitalization, exceeding $5 trillion in May 2024. Established with t ...

(BSE) after an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

(IPO).

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 Standard Chartered PLC is a British multinational bank with operations in wealth management, Wholesale banking, corporate and investment banking, and treasury services. Despite being headquartered in the United Kingdom, it does not conduct retai ...

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 was merged with the bank, with shareholders receiving 155 shares of IDFC First Bank for every 100 IDFC Limited shares.

References

External links

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IDFC Bank
{{Authority control Infrastructure in India Financial services companies based in Chennai Companies formerly listed on the Bombay Stock Exchange IDFC First Bank 1997 establishments in Tamil Nadu Indian companies established in 1997 Companies formerly listed on the National Stock Exchange of India