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Sebi seeks details of proposed IDFC-Shriram Capital mega merger

Sebi is unhappy with the top management of IDFC, IDFC Bank, and Shriram Transport Finance

Shrimi Choudhary  |  Mumbai 

The logo of the Securities and Exchange Board of India (SEBI) is pictured on the premises of its headquarters in Mumbai (Photo: Reuters)

The Securities and Exchange Board of India (Sebi) has sought details from and Group's companies on the proposed merger.

The move follows Thursday's reports that unveiled the proposed merger. According to reports, Chennai-based Capital and Bank are set to begin negotiations for merging all or some of their businesses in a mega-union that could create a Ra 60,000-crore financial powerhouse. 

Sources said that the has asked stock exchanges to submit details of trade patterns for the price movements in their respective stocks.

Accordingly, the respective group companies need to submit detailed reports on trading patterns and disclosures made by all three companies with their comments.

A board meeting of Capital has been called on Saturday to discuss the merger. Bank and did not inform the stock exchanges of any board meetings till Thursday evening.

Later on, an bank statement said that the bank would keep evaluating opportunities and if anything concrete fructified, it would inform the stock exchanges. At this point, there is nothing that can be disclosed, it said in a statement to stock exchanges.

First Published: Fri, July 07 2017. 10:58 IST