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IDFC Mutual Fund has received SEBI’s approval to sell its business to a consortium led by Bandhan Financial Holdings, the promoter of Bandhan Bank, the fund house announced today through a regulatory filing.
The fund house said, “We would like to inform you that the SEBI has, vide its letter dated November 29, 2022, addressed to our subsidiary IDFC AMC, approved change in control of IDFC Mutual Fund.”
Apart from Bandhan Financial Holding, the consortium comprised Singapore sovereign wealth fund GIC and PE firm ChrysCapital.
As part of the deal, the new owners will retain the current management team and will continue with the investment process being followed by the fund house currently.
IDFC MF is the ninth largest fund house in India with an average AAUM of Rs. 1.20 lakh crore in the September quarter.
