 "Sebi seeks details of proposed IDFC-Shriram Capital mega merger")
The Securities and Exchange Board of India (Sebi) has sought details from IDFC and Shriram 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.
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