News From Press RBI nixes Muthoot Finance's plan to acquire IDBI Mutual Fund

RBI nixes Muthoot Finance's plan to acquire IDBI Mutual Fund

Muthoot Finance had proposed to purchase 100 equity shares of IDBI AMC and IDBI MF Trustee Company held by the sellers for a total consideration of Rs 215 crore.

The Economic Times Nov 26, 2020

The RBI has turned down the proposal of Muthoot Finance to acquire IDBI Bank's mutual fund business, saying sponsoring a mutual fund is not in consonance with the activity of an operating NBFC. According to a regulatory filing by IDBI Bank on Tuesday, a share purchase agreement with regard to sale of IDBI Mutual Fund to Muthoot Finance was signed on November 22, 2019.

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