A consortium of Bandhan Financial Holdings, GIC and ChrysCapital will acquire IDFC Asset Management Company for Rs 4,500 crore in one of the largest deals in the country’s asset management space.
The sale of the IDFC MF arm has seen several major players competing to acquire it. IDFC MF is India’s 9th largest MF and manages assets worth around 1.25 lakh crore. The sale has garnered both national and international attention as numerous players took part in the bid.
The ratio of holding is 60% for Bandhan Financial Holdings and 20% each for the remaining participants.
The consortium led by the Kolkata-based owner of Bandhan Bank trumped the US based Invesco that partnered with buyout firm Warburg Pincus and Kedaara Capital, paying 3.6% of the assets under management.
Highlight by Aman Agarwal.