IDFC gains after SEBI oks change of control of AMC business

30 Nov 2022 , 09:27 AM

In April this year, a consortium of Bandhan Banks parent Bandhan Financial Holdings (BFHL), private equity firm ChrysCapital and Singapores sovereign fund GIC had announced the acquisition of IDFC Asset Management Company for Rs 4,500 crore. IDFC had informed that the Bandhan consortium was selected through a highly competitive divestment process which witnessed strong participation from strategic players and financial investors. The deal envisages continuity of the current management team and investment processes at IDFC AMC. This will be supplemented well by Bandhans brand as well as GICs and CCs international network and experience, which will aid IDFC AMC in further cementing its position in the asset management industry and propel further growth, IDFC said in a statement on Wednesday. Established in 2000, IDFC AMC is Indias 9th largest asset manager by Asset Under Management (AUM), with an on&8208;the&8208;ground presence in over 50+ cities and investors in 750+ cities and towns across the country. It manages over Rs 1,15,000 crore of AUM at the end of 31 March 2022. In August 2022, the said divestment of IDFC AMC by IDFC was approved by the Competition Commission of India (CCI). IDFC is a financial services company in India and it advances infrastructure development in the country. The companys consolidated net profit rose 26.70% to Rs 331.83 crore on a 69.81% increase in sales to Rs 49.38 crore in Q2 FY23 over Q2 FY22. Powered by Capital Market – Live News