According to a report in The Economic Times, the company is said to be in final negotiations with Avendus Capital to sell these businesses. The report further pegs the deal to be around Rs 5,000-6,000 crore.
Shares of IDFC rose over 9 percent even after the firm issued a clarification to exchanges with respect to reports of sale of its broking and mutual fund business.
The stock touched an intraday high of Rs 51.35 and an intraday low of Rs 48.10.
“We keep evaluating opportunities from time to time and should anything fructify, we will inform the exchanges as appropriate. At this point, there is nothing that requires disclosure and we cannot and do not comment on market speculation,” the company said in a filing to exchanges.
According to a report in The Economic Times, the company is said to be in final negotiations with Avendus Capital to sell these businesses. The report further pegs the deal to be around Rs 5,000-6,000 crore.
At 14:29 hrs IDFC was quoting at Rs 50.90, up Rs 3.85, or 8.18 percent on the BSE.
The share touched its 52-week high Rs 68.00 and 52-week low Rs 42.90 on 15 January, 2018 and 16 July, 2018, respectively.
Currently, it is trading 25.15 percent below its 52-week high and 18.65 percent above its 52-week low.
Posted by Rakesh Patil