INSUBCONTINENT EXCLUSIVE:
By Vivek Iyer It's advantage Avendus Capital
The firm has elbowed out rivals in its bid to acquire IDFC assets, say sources.
The company has made a formal offer to take over IDFC's two
units put on the block -- broking and asset management businesses
Earlier rounds of talks pointed to a deal size of Rs 5,000-6,000 crore.
If the acquisition sees the light of day, it would help Avendus
become a full-fledged financial services player.
Queries sent by ETNow to IDFC and Avendus went unanswered at the time of filing this
report.
While IDFC Securities earned profit of Rs 23 crore as of March 2018, its AMC division notched up Rs 54 crore.
IDFC AMC's average AUM
(asset under management) stood at Rs 69,590 crore as of June
Equity AUM read Rs 21,612 crore.
