trending Market Intelligence /marketintelligence/en/news-insights/trending/gyVQG9db-evcXTaADVNAJA2 content esgSubNav
In This List

IDFC to sell securities unit to former Axis Capital CEO

Blog

Banking Essentials Newsletter: July Edition - Part 2

Blog

Anticipate the Unknown Go Beyond Fundamentals to Uncover Early Signs of Private Company Credit Deterioration

Blog

Taking Loss Given Default Estimation to the Next Level: An Aspiration for All Creditors, Not Just Banks

Blog

Anticipate the Unknown A Fundamentals Approach to Detect Early Signs of Private Company Credit Deterioration


IDFC to sell securities unit to former Axis Capital CEO

India's IDFC Ltd. plans to sell its unit, IDFC Securities Ltd., to former Axis Capital Ltd. Managing Director and CEO Dharmesh Mehta, along with other investors.

IDFC entered into an understanding with Mehta and the other investors for the potential acquisition, according to an Aug. 14 filing with the BSE.

Under the plan, Mehta and the other investors will acquire the entire stake in the securities unit from IDFC's unit, IDFC Financial Holding Co. Ltd. The financial terms of the deal were not disclosed.

The involved parties will sign a definitive agreement for the acquisition soon. Completion of the deal is subject to regulatory approvals.

In February, IDFC entered into an understanding to sell a stake in IDFC Securities to private equity firm The Chatterjee Group. However, IDFC said in July that it decided to drop the deal after it was unable to extend its agreement with private equity firm after it lapsed on June 30.