Infrastructure finance firm IDFC on Saturday said it, along with IDFC Financial Holding Company (IDFC FHCL), has entered into a pact with The Chatterjee Group (TCG) that one or more entities of TCG will acquire stakes in IDFC Securities Ltd from IDFC FHCL.
"IDFC Limited and IDFC Financial Holding Company Ltd have entered into an understanding with The Chatterjee Group ["TCG"]... one or more entities of TCG will acquire equity stake in IDFC Securities Limited from IDFC FHCL in one or more tranches over a period of time," an IDFC statement said.
The necessary definitive agreement will be signed among the parties shortly. The said transaction will conclude on the receipt of the requisite regulatory approvals as applicable, the statement added.