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IDFC AMC's acquisition by Bandhan-led consortium gets SEBI nod

As per the terms of acquisition, BFHL will own approximately 60 percent stake in IDFC AMC, whereas, the other two members of consortium - GIC and ChrysCapital (CC) will own 20 percent each.

November 30, 2022 / 09:16 PM IST
The proposed acquisition received RBI's nod in Oct 2022 (Representative image)

The proposed acquisition received RBI's nod in Oct 2022 (Representative image)

The Securities and Exchange Board of India (SEBI) has given it "no objection" to the acquisition of IDFC AMC by a consortium led by Bandhan Financial Holdings Ltd (BFHL), stating a release issued by the asset management company on November 30.

SEBI's nod comes a month after the Reserve Bank of India (RBI) gave its assent to the proposed acquisition. The Competition Commission of India (CCI) had given its approval in August.

As per the terms of the acquisition, BFHL will own approximately 60 percent stake in IDFC AMC, whereas, the other two members of the consortium - GIC and ChrysCapital (CC) will own 20 percent each.

On completion of the transition, IDFC AMC is proposed to be renamed as Bandhan Asset Management Company, and IDFC Mutual Fund (IDFC MF) is proposed to be renamed as Bandhan Mutual Fund, with BFHL becoming the sponsor of the mutual fund, the release said.