The Securities and Exchange Board of India (Sebi) has sought details from IDFC
Group's companies on the proposed merger.
The move follows Thursday's reports that unveiled the proposed merger. According to reports, Chennai-based Shriram
Capital and IDFC
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 market regulator
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 Shriram
Capital has been called on Saturday to discuss the merger. IDFC
Bank and IDFC
did not inform the stock exchanges of any board meetings till Thursday evening.
Later on, an IDFC
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.