Bandhan Financial Holding-led consortium has entered into a definitive agreement to acquire IDFC Asset Management Company and IDFC AMC Trustee Company for Rs 4,500 crore, an official said on Wednesday. Bandhan Financial Holding is the holding company of private sector lender Bandhan Bank.
The consortium led by it also includes private equity firm ChrysCapital and Singapore-based sovereign fund GIC.
In the consortium, the equity pattern is 60% for Bandhan Financial Holding and 20% each for the other two partners.
The Bandhan-led consortium was selected through a “highly competitive disinvestment process that saw strong participation from strategic players and financial investors.”
Karni S., managing director of Bandhan Financial Holdings. “We are moving into asset management because we want the full bouquet of banking and financial services, not just banking,” Arha said. Officials said that the name of Bandhan MF could be changed after taking the name of MF finally and formally.
Bandhan Bank itself sells products of some 8-10 mutual funds. However, the group did not specify how IDFC MF’s products would be marketed after regulatory approvals from SEBI and RBI.