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Dharmesh Mehta along with investors to acquire IDFC Securities

Press Trust of India  |  New Delhi 

IDFC Ltd Wednesday said it has agreed to sell entire stake in its subsidiary IDFC Securities to former CEO of Axis Capital Dharmesh Mehta and other undisclosed investors.

The necessary definitive agreement will be signed among the parties shortly, the company said in a regulatory filing.

IDFC Ltd and its subsidiary IDFC Financial Holding Company Ltd following their respective board meetings entered into an understanding with Dharmesh Mehta along with other investors.

Following this, acquirers will purchase 100 per cent equity stake of IDFC Securities Limited from IDFC FHCL, it said.

The proposed transaction will conclude on the receipt of the requisite regulatory approvals, it said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, August 14 2019. 21:15 IST