IDFC Securities to finalise buyer on Friday; Equirus among four in fray

Sources say IDFC Securities have received bids in the range of Rs 1 billion and Rs 1.5 billion

IDFC Ltd will finalise the buyer for its broking arm on Friday, said people with the direct knowledge of the development. At least three bidders are in the fray to acquire IDFC Securities, which has substantial presence in the investment banking and institutional broking business. Meanwhile, Dharmesh Mehta, former managing director and chief executive officer of Axis Capital, has withdrawn his application.

The remaining bidders include Carnelian Capital, founded by Vikas Khemani who previously headed the institutional sales and investment banking business of Edelweiss; Equirus Capital, domestic broking and investment banking firm, InCred Finance, a firm focused on SME and