Muthoot Finance on Friday said it will acquire IDBI Asset Management for ₹215 crore to enter mutual fund space. The deal, which is subject to necessary regulatory approvals including markets regulator Sebi, is expected to be completed by February-end 2020, Muthoot Finance said in a statement.
Promoted by IDBI Bank in 2010, IDBI Mutual Fund is one of the profit making AMCs in the space with an asset base of over ₹5,300 crore. The fund house runs 22 schemes with robust asset base across products, geography and investors.
