IDFC gains 6% as company's plan to sell brokerage arm fetches 5 bidders

Shares of IDFC rose as much as 6% to Rs 41.20 apiece on the BSE in intra-day trade after a media report suggested that the company 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, the Business Standard report suggests quoting 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, the report said. CLICK