trending Market Intelligence /marketintelligence/en/news-insights/trending/zJ-0ZvTxS7TEPHUclMt5Aw2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

IDFC, Shriram Group push back deadline for merger talks

Banking Essentials Newsletter December Edition Part 2

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

IDFC, Shriram Group push back deadline for merger talks

India's IDFC Ltd. and Shriram Group agreed to extend the deadline of their discussions regarding a potential merger of some of their financial services businesses.

The companies extended the deadline to Nov. 8, in view of the extensive due diligence process involved and the ongoing talks, according to four separate Oct. 5 filings.

IDFC and Shriram Group entered into a confidentiality, exclusivity and standstill agreement on July 8, which was intended to run for a period of 90 days. The talks involve the amalgamation of IDFC unit IDFC Bank Ltd. with Shriram Group units, Shriram City Union Finance Ltd. and Shriram Transport Finance Co. Ltd.

The proposed deal is subject to the completion of the due diligence process, definitive documentation, as well as board, shareholder, statutory and regulatory approvals.