IDBI BankNSE 0.99 % is in the final stages of negotiations with EdelweissNSE -5.00 % Mutual Fund to sell its mutual fund arm IDBI AMC in its effort to get out of prompt corrective action and free up capital.
Edelweiss Mutual Fund is the frontrunner to buy out IDBI Mutual Fund. The mandate for the sale is with ICICI Securities. As on March 31 this year, IDBI Bank held 66.67 per cent stake in IDBI AMC while 33.33 per cent was held by IDBI Capital Markets and Securities.
