IDFC Shares Slump 7% After Rs 4,500 Crore Divestment Plan To Bandhan Consortium

Bandhan Consortium to acquire IDFC AMC for Rs 4,500 crore; IDFC share over 7%

New Delhi:

Shares of IDFC fell over 7 per cent in early trade on Thursday, a day after the company announced the sale of its asset management business to a consortium of Bandhan Financial Holdings, GIC and ChrysCapital for Rs 4,500 crore.

The stock fell 7.16 per cent to Rs 63.50 on the BSE and 7.23 per cent to Rs 63.50 on the NSE.

Bandhan Financial Holdings, a consortium of GIC and Chris Capital will acquire IDFC Asset Management Company for Rs 4,500 crore in one of the largest deals in the asset management space of the country.

According to a regulatory filing on Wednesday, the deal is subject to receipt of necessary regulatory approvals and customary closing conditions.

The agreement envisages continuity of the existing management team and investment processes at IDFC AMC.

This will be complemented by Bandhan’s brand, GIC and CC’s international network and experience, which will help IDFC AMC further strengthen and grow its position in the asset management industry, the filing said.

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