IDFC and Shriram Group shares trade weak on proposed merger talks

Shares of IDFC, IDFC Bank, Shriram Transport Finance and Shriram City Union Finance were trading weak in otherwise firm market after IDFC and Shriram group on Saturday said they had entered 90 days of merger talks. Among the individual stocks, Shriram City Union Finance and Shriram Transport Finance were down4% each at Rs 2,386 and Rs 1,044, respectively. IDFC was down 3% at Rs 58, while IDFC Bank 2% at Rs 63, after hitting high of Rs 69 on BSE in intra-day trade. At 09:30 am; the S&P BSE Sensex was up 0.75% or 235 points at 31,596. Under the tentative arrangement, IDFC will be the holding company of the merged entity; Shriram City Union Finance, the retail lending arm of Shriram Capital, will be merged with IDFC Bank; and Shriram Transport Finance will be a fully owned subsidiary of IDFC, which will also own 75 per cent of the life and general insurance arms of Shriram Capital. Astrology and Numerology Trading Tips