So as of now, each shareholder of IDFC Ltd indirectly holds 1.658 shares of the bank for every one share of the holding company. 15% discount means that every shareholder of IDFC Ltd will be issued (1.658*(1-15%) which is 1.409 shares of IDFC First Bank. If the discount is higher, IDFC Ltd shareholders will be issued lower number of shares. Hope it clears your doubt.
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