IDFC Twins Sizzle On Merger Buzz

IDFC Ltd and IDFC Bank were riding on the bourses based on rumours of the bank’ merger with Shriram Group companies. IDFC Limited clocked a gain of 3% in the opening session whereas IDFC Bank rose nearly 3.5% intraday during Friday’s trading session.

Shriram Capital Ltd, a company under the Shriram Group and IDFC Ltd are in talks to merge their businesses to create a financial services behemoth with a combined revenue of more than $4 billion, reported a news agency.

The entire lending business of Chennai-based Shriram Capital, which includes listed entities such as Shriram Transport Finance Ltd and Shriram City Union Finance, will be merged with IDFC Bank, a unit of IDFC Ltd.

The unlisted entities under Shriram Capital, which includes the life and general insurance companies, will be combined with IDFC, the report added.

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