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IDFC Group, drops the merger plan with Shriram Group worth USD 12 billion, as they were not able to decide common ground over the swap ratio.
As per a release by IDFC, ” The confidentiality, exclusivity and standstill (CEST) agreement entered into to evaluate a strategic combination of relevant financial services of the Shriram Group with the IDFC Group stands terminated with immediate effect.”
The decision was taken at IDFC’s board meet today, which was basically to discuss Q2 results as well as the merger.
