Private-equity firm Chatterjee Group agreed to buy a stake in IDFC Ltd.’s brokerage unit, the Mumbai-based infrastructure-financing company said.
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"IDFC Ltd. 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 Ltd. from IDFC FHCL in one or more tranches over a period of time," an IDFC statement said.
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The definitive agreement will be signed among the parties shortly. The transaction will conclude on the receipt of the requisite regulatory approvals as applicable, the statement added.