Private lender IDFC Group on Thursday announced, “It has completed the 100 percent equity stake help in IDFC Securities Ltd for Rs 86 crore.”
In a regulatory filing, IDFC said, “On June 10, IDFC Ltd, through its wholly-owned subsidiary IDFC Financial Holding Company Limited (IDFC FHCL), has completed the transaction for the sale of its 100 percent equity stake held in IDFC Securities Ltd to Dharmesh Mehta along with other investors after obtaining all necessary regulatory approvals.”
“Pursuant to the definitive agreement, IDFC FHCL has received a consideration of INR 86 crores for its 100% shareholding. After the completion of this transaction, the IDFC group does not hold any shareholding in IDFC Securities Limited,” the filing said.
“Mr. Dharmesh Mehta does not belong to Promoter/ Promoter group Companies,” the company in its filing added.