IDFC's brokerage arm up for sale, receives offers from at least 5 parties

Bidding process started on Tuesday, received at least five offers including that of Axis Capital CEO Dharmesh Mehta

IDFC has put its wholly-owned brokerage subsidiary IDFC Securities up for sale. The bidding process, which started on Tuesday, has received interest from at least five parties, said industry players. 

One of the prominent bidders is Axis Capital CEO Dharmesh Mehta in his personal capacity, with the support of investors. Vikas Khemani, former Edelweiss Securities institutional equities and investment banking head, is another bidder.  

When contacted, Mehta declined to comment. IDFC Securities did not respond to e-mail queries sent by Business Standard. 

However, industry sources confirmed the development as well as Mehta’s bid, and said prominent investors like Akash Bhanshali