IDFC calls off plan to sell securities business to TCG

IDFC Ltd on Friday said it has called off plans to sell stake in its subsidiary IDFC Financial Holding Company Ltd (IFHCL) to The Chatterjee Group (TCG). This is to inform you that the agreement entered into between IFHCL and TCG expired on June 30, 2019, IDFC Ltd said in a regulatory filing.

"Since then, the parties have been in talks to consider a suitable extension, however the same did not fructify and accordingly the Boards of IDFC Ltd and IFHCL have decided on July 25, 2019 that they will no longer be proceeding with TCG as originally envisaged," it said.