Latest News | Bandhan Consortium to Acquire IDFC AMC for Rs 4,500 Cr; IDFC Shares Tank over 7 Pc

New Delhi, Apr 7 (PTI) Shares of IDFC tanked more than 7 per cent in early trade on Thursday, a day after the company announced the divestment of its asset management business to a consortium of Bandhan Financial Holdings, GIC and ChrysCapital for Rs 4,500 crore.

The stock tumbled 7.16 per cent to Rs 63.50 on the BSE.

Also Read | Google To Block Outdated Apps on Play Store From November 1, 2022.

At the NSE, it tanked 7.23 per cent to Rs 63.50.

A consortium of Bandhan Financial Holdings, GIC and ChrysCapital will acquire IDFC Asset Management Company for Rs 4,500 crore in one of the largest deals in the country's asset management space.

Also Read | Realme GT 2 Pro, Realme 9 4G, Realme Buds Air 3 & More Launching Today in India; Watch LIVE Streaming Here.

The deal is subject to receipt of necessary regulatory approvals and customary closing conditions, according to a regulatory filing on Wednesday.

The agreement envisages continuity of the current management team and investment processes at IDFC AMC.

This will be supplemented by Bandhan's brand as well as GIC's and CC's international network and experience which will aid IDFC AMC in further cementing its position in the asset management industry and propel further growth, the filing said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)