NEW DELHI, Mar 6: IDFC Ltd has agreed to acquire a 25 per cent stake held by Natixis Global Asset Management in IDFC Mutual Fund for a little over Rs 244 crore.
It has agreed to buy the stake for Rs 244.24 crore. The transaction is expected to conclude by the end of this month, according to a regulatory filing.
IDFC Financial Holding Company, a wholly-owned subsidiary of IDFC Ltd, currently holds 75 per cent stake of IDFC Asset Management Company (AMC) and IDFC AMC Trustee Company. The remaining 25 per cent is held by Natixis Global Asset Management.
With an asset base of Rs 57,998 crore at the end of the December quarter, IDFC Mutual Fund manages a range of funds across debt and equity classes.
In December 2010, Natixis Global Asset Management struck a share purchase agreement to take stake in IDFC AMC and IDFC AMC Trustee.
As part of the agreement, there was a requirement that both shareholders will review the partnership at the end of five years.
Following a review clause in the agreement, IDFC, in a filing to stock exchanges, said it has “agreed to acquire through IDFC Financial Holding Company the balance stake (about 25 per cent) in IDFC AMC and IDFC AMC Trustee from Natixis Global Asset Management”. (PTI)
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