INSUBCONTINENT EXCLUSIVE:
MUMBAI: IDFC has called off its deal with The Chatterjee Group (TCG) for selling its entire stake in its unlisted stock broking business
TCG had outbid prospective buyers such as SBI Capital Markets and Stock Holding Corporation of India to purchase IDFC Securities.
IDFC, in
have been in talks to consider a suitable extension, however, the same did not fructify and accordingly the Boards of IDFC Limited and IFHCL
(IDFC Financial Holding Company Limited ) have decided on July 25, 2019 that they will no longer be proceeding with TCG as originally
IDFC Securities posted sales of Rs 100 crore and net profit of Rs 23 crore for the year ended March 31, 2018
Its net worth was Rs 169 crore
IDFC has been looking to sell its mutual fund and stock broking businesses as part of its attempts to sell non-core arms.
A couple of large
private banks were looking to acquire both the units but those talks did not fructify.
IDFC had acquired the stock broking and investment
banking businesses from SSKI.