(Reuters) - India’s IDFC Group said on Monday that talks to acquire some of Shriram Group’s financial services businesses have been called off.
“The companies were not been able to reach common ground on a mutually acceptable swap ratio for the merger,” IDFC Group said in a stock exchange filing.
The agreement was aimed at merging some of Shriram Group’s listed companies including consumer lender Shriram Group City Union Finance (SHCU.NS) and Shriram Transport Finance Company (SRTR.NS) with IDFC Group.
Shriram Group said the parties could not mutually agree on structure and valuation.
Reporting by Krishna V Kurup; Editing by Amrutha Gayathri