Shriram did not make a counter-offer on merger: IDFC Bank CEO Rajiv Lall

Said, 'We were consistent that it was a fair valuation; as this was not happening, we decided to call it off'

Shriram Capital shareholders did not extend a counter-offer to IDFC's offer on the merger, said IDFC Bank's founder Managing Director and Chief Executive Officer Rajiv Lall in an interview with Anup Roy and Niraj Bhatt. Contrary to the impression, IDFC shareholders were enthusiastic about the merger process, but Shriram shareholders could be expecting a higher price for their shares, which IDFC did not explore further in the absence of a counter-offer. Edited excerpts:

Why did the deal fall through?

We couldn't arrive at a relative valuation despite best efforts. That's why we decided to discontinue discussions and terminated the exclusivity arrangement that