IDFC and the Shriram Group have agreed to finalise within 90 days the merger of financial services business of the two groups that will create a financial supermarket with offerings from motorcycle credit to lending for multi-billion dollar power projects.
IDFC Bank managing director and chief executive Rajiv Lall called the proposed merger a “marriage made in heaven” while the founder chairman Deepak Parekh said that IDFC gets “readymade branches” and “hope the marriage happens” amid likely regulatory obstacles.
All the operating businesses of the two groups will come together under IDF. The retail consumer centric business of the holding company Shriram Capital – Shriram City Union Finance – will be merged into IDFC Bank. The transport finance business will remain a standalone non-banking finance company that would become a subsidiary of IDFC Limited. The share swap ratio and other details of the merger would be worked out in the next 90.
Full Content: The Hindu
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Paramount Global and Skydance Media Near Merger Deal, Eyeing CEO Change
Apr 26, 2024 by
CPI
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
FCC Votes to Restore Net Neutrality Rules
Apr 25, 2024 by
nhoch@pymnts.com
Apple Rejects Spotify’s Updated App Over In-App Pricing Disclosure
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI