IDFC to divest its mutual fund business; Stock sheds 2%

The Boards have authorised respective Strategy & Investment Committees to take necessary steps.

Sep 17, 2021 03:09 IST India Infoline News Service

IDFC Ltd has informed that the Board of Directors of the company and IDFC Financial Holding Company Limited at their meetings held today i.e. September 17, 2021, have considered and approved to initiate steps to divest its mutual fund business subject to requisite regulatory approvals, as applicable.

The Boards have authorised respective Strategy & Investment Committees to take necessary steps, including appointment of Investment Banker, for the same, said company in a regulatory filing.

At the closing hours on Friday, IDFC was trading at Rs56.40 apiece down by Rs1.4 or 2.42% from its previous closing of Rs57.80 apiece on the BSE.

The scrip opened at Rs58.50 per piece on Friday.

Related Story

Open Free Demat Account (Rs699)