As on March 31, IDBI Bank’s stake in IDBI Asset Management stood at 66.67 percent, while IDBI Capital Markets & Securities owns 33.33 percent.
Gold loan lender Muthoot Finance has acquired a stake in IDBI Bank's mutual fund unit: IDBI Asset Management.
IDBI Bank confirmed the development in a clarification to a reply sought by the National Stock Exchange.
The clarification did not specify the stake bought by Muthoot Finance.
On November 8, the company said the board approved sale of its entire stake in IDBI Asset Management.
As on March 31, IDBI Bank’s stake in IDBI Asset Management stood at 66.67 percent, while IDBI Capital Markets & Securities owns 33.33 percent, as per a Mint report.
IDBI Asset Management managed 22 schemes during FY19, most of which were equity fund schemes.
IDBI Bank's net loss in the July-September quarter narrowed to Rs 3,459 crore from Rs 3,602 crore in the same period last year.The company is also looking to exit its holding in IDBI Federal Life Insurance, in which it owns a 48 percent stake. IDBI Bank CEO Rakesh Sharma said the stake sale would be complete by March-end.Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India's leading expert on wealth building, has created a strategy which makes it possible... in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.