IDFC Bank is in the news since yesterday where on business news channel reported that it, along with Shriram Group is looking at options to merge various businesses. This is expected to create a financial powerhouse worth over USD 10 billion. The channel went ahead and said that an official announcement is expected to be made tomorrow.
The news is that all the lending business of holding company Shriram Capital – Shriram City Union and Shriram Transport Finance will be merged with IDFC Bank while the unlisted life and general insurance companies will be merged with IDFC.
The stock exchange sought clarification and the company, yesterday evening after market hours, neither confirmed nor denied the news. Thus the suspense on this possible merger remains intact.
The stock price remains firmly in the green since yesterday, going up today over 4.5% to Rs.66.