IDFC gets nod for change in control of IDFC MF

Capital markets regulator Sebi has approved the change in control of IDFC Asset Management Company from IDFC Ltd to Bandhan Financial Holdings (BFHL), the holding company of Bandhan Bank.

In a stock exchange filing on Tuesday, IDFC Ltd informed that the Securities and Exchange Board of India, in a letter addressed to its subsidiary IDFC AMC, approved the change in control.

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Notably, a consortium, led by BFHL, in April this year had acquired IDFC AMC for Rs 4,500 crore.

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The BFHL consortium includes Lathe Investment Pte, an affiliate of Singapore’s GIC, and Tangerine Investments and Infinity Partners, affiliates of ChrysCapital. While BFHL will hold around 60% in the AMC, Lathe and Tangerine will hold 20% and 18.52%, respectively. The proposed transaction was subject to requisite regulatory and other approvals