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Muthoot Finance To Buy IDBI Mutual Funds For Rs 215 Crore
IDBI Bank’s K G Marg Branch in Delhi (Pradeep Gaur/Mint via Getty Images)
Foraying into the mutual fund space, Muthoot Finance Ltd said on Friday (22 November) that it has entered into a definitive agreement to acquire IDBI Asset Management Ltd (IDBI AMC) and IDBI MF Trustee Company Ltd for Rs 215 crore.
Muthoot Finance said in a statement that the transaction is expected to be completed by the end of February 2020 subject to receipt of necessary regulatory approvals.
After the transactions, both IDBI AMC and IDBI MF Trustee Company will become wholly owned subsidiary companies of Muthoot Finance.
The transaction is subject to receipt of approval from the regulators, including the Securities and Exchange Board of India (SEBI), it added.
(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)
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