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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.