In its announcement to the public through BSE, IDFC Financial Holding has said that it will acquire the remaining 25% stake in IDFC Mutual Fund held by Natixis Global Management (NGAM) for Rs.244 crore.
That means the deal values IDFC Mutual Fund at Rs.977 crore.
“IDFC Financial Holding is currently holding 75% equity stake of IDFC AMC and IDFC AMC Trustee Company and the balance stake is held by NGAM. IDFC has agreed to acquire through IDFC Financial Holdings the balance stake in IDFC AMC from NGAM for cash based on the terms of shareholders agreement.”
In 2010, NGAM had acquired 25% stake in IDFC AMC for an undisclosed amount. As part of the agreement, there was a requirement that both parties would review the partnership at the end of 5 years.
IDFC MF has reported net profit of Rs.110 crore in FY 2015-16.
IDFC MF manages assets of Rs.58000 crore as on December 31, 2016. It is the ninth largest AMC in terms of AUM for the December quarter.
