IDFC Ltd. has signed a definitive agreement to sell IDFC Asset Management Co. and IDFC AMC Trustee Co. to a consortium led by Bandhan Financial Holdings Ltd. for Rs 4,500 crore.
The consortium, also comprising GIC and ChrysCapital, was selected through a highly competitive divestment process which saw strong participation from strategic players and financial investors, the company said in an exchange filing. The deal is subject to regulatory and other approvals.
IDFC AMC managed over Rs 1.15 lakh crore of asset as of March 31 with more than a million investor folios. It is India's ninth largest mutual fund by assets.
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