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.