UK?s Schroders Plc has agreed to buy 25% of the share capital of Axis Asset Management, reports fe Bureau in Mumbai. According to reports, the purchase price is estimated at R175-R250 crore. Axis MF is India?s 15th largest mutual fund, with average assets under management above R8,800 crore. Schroders globally manages funds about $291 billion. Valuations of Indian mutual funds have ranged from 1.6% to 13% of AUM. Schroders CEO Michael Dobson said: ?In the long term, besides distributing Axis funds inter-nationally, there will be an opportunity to distribute Schroders funds in India.? Axis Bank MD & CEO Shikha Sharma said: ?We look forward to collaborating with Schroders? distinctive product and global distribution franchise in coming years.?
Suzlon to raise $500-m bonds to repay debt: CFO
Suzlon Energy is working with international banks to raise $300 million to $500 million in overseas bonds to repay its debt maturing this year, group CFO Kirti Vagadia said on Friday. Suzlon needs to repay foreign currency debt of $360 million in June and another $207 million in October.
