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Last Updated : May 22, 2019 11:01 AM IST | Source: Moneycontrol.com

Essel Mutual Fund's CIO Viral Berawala resigns; Saravana Kumar to take over

Essel Group is facing a cash crunch and is looking to sell most of its assets to reduce debt on its books.

Himadri Buch @himadribuch

Essel Mutual Fund's Chief Investment Officer Viral Berawala has resigned from the fund house, three industry sources told Moneycontrol.

The fund house will be roping in LIC Mutual Fund's Saravana Kumar as the Chief Investment Officer of Essel Mutual Fund, industry sources said.

Subhash Chandra-owned Essel Mutual Fund has witnessed several exits in the last one month. The Chief Executive Officer of Essel Mutual Fund Rajiv Shastri quit to join Muthoot Mutual Fund.

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As at March-end quarter, the average assets under management of Essel Mutual Fund was Rs 1,416 crore, down 19.47 percent from December quarter.

Essel Group is facing a cash crunch and is looking to sell most of its assets to reduce debt on its books.

According to reports, the debt-ridden Essel Group's Essel Finance has signed a memorandum of understanding (MoU) with Srei for the sale of its mutual fund business.

As per CLSA note, the Essel Group promoters' loan against shares stood at Rs 13,500 crore.



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First Published on May 20, 2019 01:16 pm
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