According to a Business Standard report, IDFC Limited may announce the sale of its mutual fund business on Wednesday evening after the approval of the board. A consortium reportedly led by Bandhan Financial Holdings is the frontrunner to acquire IDFC AMC.
Singapore’s sovereign wealth fund GIC and private equity firm ChrysCapital are also part of the consortium. The deal will allow Bandhan Group to enter India’s growing mutual fund business, which currently manages assets worth Rs 38 lakh crore, the report said.
In September 2021, IDFC Limited and IDFC Financial Holding Company Limited approved the disinvestment of the Mutual Fund (MF) business in a board meeting. The announcement came after the company faced anger from shareholders over delays in disinvestment and mergers.