SEBI gives approval to new management of IDFC AMC

The purchase of IDFC Asset Management Company for Rs 4,500 crore was announced in April of this year by a group that included Bandhan Bank’s parent company Bandhan Financial Holdings (BFHL), private equity firm ChrysCapital, and Singapore’s sovereign fund GIC.

The Bandhan consortium was chosen following a very competitive divestment process that included significant involvement from financial investors and strategic entities, according to information provided by IDFC.

The agreement calls for IDFC AMC’s current management group and investing procedures to continue. IDFC stated in a statement on Wednesday that this will be further strengthened by Bandhan’s brand as well as by GIC’s and CC’s international network and experience, which will enable IDFC AMC to further solidify its position in the asset management business and spur future expansion.

With investors in more than 750 cities and towns nationwide, IDFC AMC, which was founded in 2000, is India’s ninth-largest asset manager by Asset Under Management (AUM). At the end of March 2022, it was managing AUM worth over Rs1,15,000 crore.

The mentioned divestiture of IDFC AMC by IDFC was authorized by the Competition Commission of India in August 2022.

Indian financial services provider IDFC promotes infrastructure growth in the nation.

On the back of a 69.81% increase in sales to Rs49.38 crore in Q2 FY23 compared to Q2 FY22, the company’s consolidated net profit increased by 26.70% to Rs331.83 crore.

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