They have now agreed to extend the CES (confidentiality, exclusive and standstill) pact up to November 8. The July 8 plan had envisaged the merger of Shriram City Union Finance with IDFC Bank. It had also envisaged the de-listing of Shriram Transport Finance Company and making it a subsidiary of IDFC Ltd — the parent of IDFC Bank. Some have apprehended that the move could result in a sharp dilution in IDFC Ltd. and IDFC Bank. The time-limit extension, sources said, could see both coming out with a fresh set of solutions that are comfortable to all stakeholders.

Source: The Hindu October 05, 2017 16:07 UTC