With the long-talked merger between IDFC and Shriram Group being called off, it was expected that the shares would catch the downtrend. However, the company broke the perception, gaining by over 1.5% in the early trading hours of Tuesday.
The mergers between the two companies were called off on basis of differences over valuations. "This is to inform you that despite best efforts, IDFC Group and Shriram Group have not been able to reach common ground on a mutually acceptable swap ratio," IDFC said in a note to the stock exchanges after the market closed on Monday.
As per the merger plan, Shriram City Union Finance was to merge with IDFC Bank, while Shriram Transport Finance and other Shriram group entities would have come under the IDFC banner.
Shriram Transport Finance Company Ltd is currently trading at Rs 1187, up by Rs 6.6 or 0.56% from its previous closing of Rs 1180.4 on the BSE. The scrip opened at Rs 1200 and has touched a high and low of Rs 1200 and Rs 1159.95 respectively.
IDFC Ltd is currently trading at Rs 62.4, up by Rs 0.7 or 1.13% from its previous closing of Rs 61.7 on the BSE. The scrip opened at Rs 61 and has touched a high and low of Rs 64 and Rs 59.8 respectively.
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