The Competition Commission of India on Tuesday approved the proposed Rs 4,500 crore deal wherein the Bandhan Financial Holdings-led consortium will buy stakes in IDFC Asset Management and IDFC AMC Trustee.
The consortium includes private equity firm Chrys Capital and Singapore's sovereign fund GIC.
The transaction includes acquisition of 99.96% stake in IDFC Asset Management Company Ltd and 100% shareholding in IDFC AMC Trustee Company Ltd.
The stakes would be acquired by Bandhan Financial Holdings Ltd, Lathe Investment Pte. Ltd, Tangerine Investments Ltd and Infinity Partners, according to a release.
In April, the Bandhan Financial Holding-led consortium entered into a definitive agreement to acquire IDFC Asset Management Company and IDFC AMC Trustee Company for Rs 4,500 crore.
IDFC AMC is the asset management company of IDFC Mutual Fund which operates a portfolio management business and IDFC Trustee is a trustee company of IDMF. Bandhan Financial Holdings Ltd is a wholly-owned subsidiary of Bandhan Financial Services Ltd and the promoter of private sector lender Bandhan Bank Ltd.
Lathe is wholly-owned by Singapore-based GIC Ventures Pvt Ltd and Tangerine Investments is a subsidiary of Chrys Capital Group while Infinity Partners is a partnership firm.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
