Shriram Transport Finance Company fell 0.5% at Rs 1,174.50 at 9:42 IST on BSE after both the Shriram and IDFC groups have agreed for aborting any further discussions on the proposed potential merger.
The announcement was made after market hours yesterday, 30 October 2017.Shares of IDFC were up 2.92% at Rs 63.50.
Meanwhile, the S&P BSE Sensex was up 5.37 points or 0.02% at 33,271.53.
On the BSE, 27,000 shares of Shriram Transport Finance Company were traded on the counter so far as against the average daily volumes of 25,000 shares in the past two weeks. The stock had hit a high of Rs 1,200 and a low of Rs 1,159.95 so far during the day.
Both the Shriram and IDFC groups have agreed for aborting any further discussions on the proposed potential merger as they could not hit common ground and arrive at a mutually acceptable structure and valuation. Consequently, the confidentiality, exclusivity and standstill agreement entered between both the Groups stands terminated with immediate effect.
Post the demerger and transfer of the financing undertaking to IDFC Bank with effect from 1 October 2015, IDFC is mainly an investment company with minimal operations.
Shriram Transport Finance Company is one of the leading asset financing non-banking financial companies (NBFC) in India.
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