IDFC board flags off divestment of mutual fund biz

IDFC said that its board and the board of IDFC Financial Holding Company (IDFC FHCL) have approved to initiate steps to divest its mutual fund business subject to requisite regulatory approvals, as applicable.

"The boards have authorized respective strategy & investment committees to take necessary steps, including appointment of investment banker, for the same, the company said in a statement.

The announcement was made during market hours today, 17 September 2021.

IDFC is a finance company. It provides finance and advisory services for infrastructure projects as well as asset management and investment banking.

The company reported a consolidated net loss of Rs 410.25 crore in Q1 FY22 as against a net loss of Rs 26.26 crore in Q1 FY21. Total income during the quarter rose 7.1% YoY to Rs 111.56 crore.

The scrip fell 1.30% to currently trade at Rs 57.05 on the BSE.

On the BSE, over 18.09 lakh shares of the company were traded in the counter so far as against an average trading volume of 9.25 lakh shares in the past two weeks.

On the NSE, over 1.81 crore shares of the company changed hands in the counter so far as against an average trading volume of 92.06 lakh shares in the past three months.

Powered by Capital Market - Live News