The company’s current shareholder Shinsei Investment I, Rakesh Jhunjhunwala and Freedom Financial Services Private have divested their entire stake in Shinsei Mutual Fund
Mumbai: After its stake sale to Daiwa Asset Management Co. (DAM), Shinsei Mutual Fund's name is set to be changed to Daiwa Mutual Fund. The name of the schemes will also be changed to Daiwa Liquid Fund, Daiwa Treasury Advantage Fund and Daiwa Industry Leaders Fund.
Shinsei Asset Management India’s current shareholders viz. Shinsei Investment I, Rakesh Jhunjhunwala and Freedom Financial Services Private, had entered into an agreement with Daiwa Securities Group Inc. (DSGI) and Daiwa Asset Management Co. (DAM), to divest their stake. Consequently, the parent company of DAM will be acquiring 91% of the equity share capital of the AMC and the balance 9% of the AMC will be acquired by DSGI.
The acquisition of shares will thereby lead to change in the controlling interest of the AMC and DAM will become the sponsor of Shinsei Mutual Fund.
In case an investor does not wish to continue to hold units in view of the said changes, they will have an option to exit the said scheme at the prevailing NAV, without any exit load. The said exit option can be availed from December 8, 2010 to January 7, 2011.
Shinsei Mutual Fund had an AUM of Rs. 319.02 crore as on September 2010.
Source: Accord Fintech
