IDFC to promote mutual fund enterprise

IDFC group has determined to divest its mutual fund enterprise — IDFC Asset Management Company (IDFC AMC) Ltd.
IDFC AMC’s property underneath administration had been Rs 1,26,070 crore as of June 2021.

“The board of directors of IDFC Ltd and IDFC Financial Holding Company Ltd (IDFC FHCL) considered and approved to initiate steps to divest its mutual fund business subject to requisite regulatory approvals, as applicable,” IDFC mentioned in a inventory alternate submitting. “The boards have authorised respective strategy and investment committees to take necessary steps, including appointment of an investment banker for the same,” it mentioned.