IDFC Ltd. said it has agreed to sell entire stake in its subsidiary IDFC Securities to former Chief Executive Officer 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 percent 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.
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