Infrastructure finance company IDFC, which recently bagged a commercial banking licence, is planning to start bank operations by October next year. IDFC and Bandhan emerged successful out of about 25 contenders for new bank licences issued by the RBI in April.
Earlier this month, IDFC decided to come out with a follow-on public offer so as to bring down foreign shareholding in the company below 50 per cent. At present, foreign ownership is about 53 per cent in the company.
Further, the company plans to come out with follow-on public offer or preferential offer by October this year.
Meanwhile, IDFC recorded 51 per cent drop in net profit at Rs. 257.94 crore in the fourth quarter ended March 31. The group's consolidated net profit was Rs. 525.70 crore in the January-March quarter of the 2012-13 fiscal.
