IDFC in board meeting approved the divestment of the mutual fund (MF) business in September 2021
The deal will allow the Bandhan group to enter India’s growing mutual fund business
IDFC Ltd on Wednesday announced the sale of its mutual fund business to a consortium led by Bandhan Financial Holdings, for a consideration of Rs 4,500 crore. The deal was subject to necessary regulatory approvals.
“IDFC Limited and a consortium comprising Bandhan Financial Holdings Ltd, (Singapore’s sovereign wealth fund) GIC and ChrysCapital have entered into a definitive agreement to acquire IDFC Asset Management Company Limited and IDFC AMC Trustee Company Limited from IDFC Limited, for a consideration of Rs 4,500 crore, subject to the receipt of necessary regulatory approvals and customary closing conditions,” IDFC Ltd said in a statement.
The deal will allow the Bandhan group to enter India’s growing mutual fund business which currently manages Rs 38 lakh crore of assets.
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