The Infrastructure Development Finance Company has put on hold its plans to come out with an initial public offering till the next board meeting in June.
Company chairman Deepak Parekh said that the IPO proposal was discussed by the board and kept on the backburner. Board members, however, will discuss valuation issues with investment bankers. The book value of a Rs 10 face value IDFC share today stands at Rs 17.
Meantime, Parekh said IDFC will remain an autonomous, independent body and retain its private sector characteristic. "This has been reaffirmed by the board of directors," Parekh told Business Standard immediately after the board meeting on Tuesday. There is no proposal to merge or further realign the shareholding in IDFC, he added.
He said a four-member committee chaired by American International Group country head Sunil Mehta will identify a new CEO in the next three months. "We are using headhunters and looking at candidates in the banking and financial sector," said Parekh.
Responding to the drama that took place recently at IDFC with regards to the seven