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IDFC rallies 8% as AMC biz sale gathers pace

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IDFC stock went up over 8 per cent on Monday after reports that the company is at the final stage of negotiations with Avendus Capital for sale of its broking and asset management business. The company is looking to sell its broking and AMC operations to Avendus Capital -- controlled by US buyout giant KKR -- in a deal valued at Rs 5,000-6,000 crore.

The scrip firmed up 8.08 per cent to Rs 50.85 at around 11.55 am.

The BSE Sensex was up 189.65 points, or 0.50 per cent, at 37,745.81 at around the same time. Avendus had initially proposed to buy only the asset management business, but the Mumbai-based financial services firm has now made a formal offer to buy both the units put on the block by IDFC, according to a report by ET. “There were other contenders such as Reliance-Nippon and Yes Bank, but Avendus has made a trumping offer,” said one source.

Avendus Capital and IDFC both declined to comment. IDFC Asset Management ranks No.

12 in the 42-member Indian mutual fund industry with assets under management (AUM) of Rs 69,000 crore at the end of June 2018.

Of this, about Rs 20,000 crore is in equities, which offer higher fees, with the rest in fixed income.




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