CES Agreement stands terminated with immediate effect
With regards to Confidentiality, Exclusivity and Standstill Agreement (CES Agreement) entered into to evaluate a strategic combination of relevant financial services companies of the Shriram Group with the IDFC Group, IDFC announced that despite best efforts, IDFC Group and Shriram Group have not been able to reach common ground on a mutually acceptable swap ratio for the merger.Accordingly, both parties have agreed to call off discussions on a potential merger and the exclusivity period pursuant to the CES Agreement entered into between the concerned parties stands terminated with immediate effect.
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