IDFC BankLtd. agreed to acquire Grama Vidiyal Micro Finance Ltd. for anundisclosed sum.
The proposed deal is expected to close before Dec. 31, accordingto a July 12 news release. The acquisition will help deepen IDFC Bank's reachand expand the delivery mechanism for banking services.
Grama Vidiyal Micro Finance is one of the largestmicrofinance institutions in India, with a network of 319 locations acrossTamil Nadu, Kerala, Karnataka, Pondicherry, Maharashtra, Gujarat and MadhyaPradesh.