SHCIL-IDBI Bank merger – SHCIL is to merge with IDBI Bank.
Stock Holding Corporation of India Ltd (SHCIL), a well known broking and custodial services outfit, is to merge with Mumbai-based public sector lender IDBI Bank, giving 227 offices and access to 800,000 high net worth customers to the IDBI Bank. It will be a non-cash share swap deal.
The swap ratio is yet to be fixed and the merger is subject to approval from the Mumbai high court, beside regulatory agencies and shareholders.
Stock Holding Corporation of India Ltd (SHCIL), a well known broking and custodial services outfit, is to merge with Mumbai-based public sector lender IDBI Bank, giving 227 offices and access to 800,000 high net worth customers to the IDBI Bank. It will be a non-cash share swap deal.
The swap ratio is yet to be fixed and the merger is subject to approval from the Mumbai high court, beside regulatory agencies and shareholders.
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