Muthoot Finance has entered into a definitive agreement to acquire IDBI Asset Management Limited and IDBI MF Trustee Company Limited.
The transaction, which is expected to completed by February 2020, would pave the way for Muthoot Finance’s entry into the mutual fund segment.
“Upon completion of the transaction, Muthoot Finance Limited will purchase 100% equity shares of IDBI Asset Management Limited and IDBI MF Trustee Company Limited held by the sellers for a total consideration of ₹215 crore,” said a stock exchange statement by Muthoot Finance.
The transaction is subject to approval from regulators, including the Securities and Exchange Board of India (SEBI).
