 "IDFC Bank MD Rajiv Lall (left) and Shriram Capital Chairman Ajay Piramal in Mumbai on Saturday. Photo: Kamlesh Pednekar")
Shriram group and IDFC unveiled their intent, on Saturday, to merge the two entities and have entered into an agreement to evaluate the proposal for 90-days.
As per the proposed plan, IDFC Ltd will be the holding company of the merged entity. Shriram City Union Finance will be merged with IDFC Bank and Shriram Transport Finance will be a fully owned subsidiary of IDFC, which will also own 75% of the life and general insurance arms of Shriram Capital.
Also Read: Lack of succession plans pushing Shriram towards merger, say staff
Also Read: Lack of succession plans pushing Shriram towards merger, say staff
Reacting to the development, shares
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