IDFC Ltd may on Wednesday evening announce to sell its mutual fund business after the board’s approval, according to a Business Standard report. A consortium led by Bandhan Financial Holdings is reportedly leading the race to acquire the IDFC AMC.
Singapore’s sovereign wealth fund GIC and private equity firm ChrysCapital are also part of the consortium. The deal will allow the Bandhan group to enter India’s growing mutual fund business which currently manages Rs 38 lakh crore of assets, the report said.
In September 2021, IDFC Ltd and IDFC Financial Holding Co Ltd in board meeting approved the divestment of the mutual fund (MF) business. The announcement came after the company faced shareholders’ ire on delay in divestments and mergers.