After bidding for IDFC broking arm in personal capacity, Axis Capital MD Dharmesh Mehta goes on sabbatical

Moneycontrol News

Axis Capital MD and CEO Dharmesh Mehta has gone on a sabbatical after he submitted a bid to acquire a competing business – the brokerage and investment banking division of IDFC Bank - in his personal capacity.

"I have taken sabbatical leave from Tuesday as I was involved in submitted bid for a competing business of Axis Capital," said Mehta.

IDFC Bank, that is in the final stage of merger with Capital First, is in the process of selling its broking business—IDFC Securities. It has received around five bids, including Axis Capital chief executive Dharmesh Mehta. The remaining bidders include Vikas Khemani of Carnelian Capital, who was previously heading the institutional sales and investment banking business of Edelweiss Financial Services; investment banking and broking firm Equirus Capital; and InCred Finance among others.