IDFC-Sriram Group merger called off; firms unable to reach common ground
According to IDFC, the two stakeholders were unable to agree on a mutually agreeable swap ratio. LATEST NEWS : IDFC Ltd and Shriram Group on Monday called off a potential merger. In a BSE filing, IDFC stated that despite best efforts, IDFC Group and Shriram Group have not been able to reach common ground on a mutually acceptable swap ratio for the merger. Accordingly, both parties have agreed to call off discussions on a potential merger and the exclusivity period pursuant to the CES Agreement entered into between the concerned parties stands terminated with immediate effect. ALSO READ: IDFC-Sriram Group merger called off; firms unable to reach common ground The original plan entailed merging the retail arm, Shriram City Union Finance, with IDFC Bank, unlisting Shriram Transport Finance and making it a fully-owned unit of IDFC and the holding company of the merged entity. The government of India holds 16.38 per cent in IDFC Ltd. Other major foreign share...