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IDFC-Shriram group merger will not give Piramal back door entry: Vinod Rai

Under the tentative arrangement, IDFC will be the holding company of the merged entity

Subhomoy Bhattacharjee  |  New Delhi 

Vinod Rai, non-executive chairman of IDFC, is clear the proposed merger with Shriram group will not provide a back door entry for Ajay Piramal in the entity to hold more shares in the bank than the regulations provide for. The former Comptroller and Auditor General of India told Business Standard, “The Reserve Bank of India (RBI) will not allow for any backdoor changes to its regulations. I am clear on that.” On Saturday, IDFC and Chennai-based Shriram group announced they have entered a 90-day period of exclusive talks to work on a merger. Under the tentative ...

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