India's Shriram Group agrees to sell units to IDFC

IDFC

08/07/2017 15:37

NEW DELHI, July 8 (Reuters) - India's Shriram Group said on 
Saturday it has reached agreement to merge some of its financial 
service businesses with those of IDFC Group. 
    Shriram Group comprises a number of listed companies 
including consumer lender Shriram Group City Union Finance 
 SHCU.NS  and Shriram Transport Finance Company  SRTR.NS , that 
provides loans on vehicles and farm equipment. 
    IDFC Group comprises IDFC Ltd  IDFC.NS , an infrastructure 
financier, and IDFC Bank  IDFB.NS , a full-service bank that 
started operations in 2015.  
    The deal remains subject to due diligence checks, approvals 
by the boards of directors, shareholders, regulators and third 
parties, Shriram said in a statement to the stock exchange. 
 
 (Reporting by Aditi Shah; Editing by Greg Mahlich) 
 ((aditi.shah@tr.com; +91-11-4954 8023, +91-11-3015 8023; 
Reuters Messaging: aditi.shah.thomsonreuters.com@reuters.net; 
twitter: @aditishahsays)) 
 
Keywords: SHRIRAM M&A/IDFC