LIC Mutual Fund completes the takeover of IDBI Mutual Fund schemes

LIC Mutual Fund (MF) on Monday said it has completed the takeover of schemes of IDBI MF. Out of 20 schemes of IDBI MF, 10 have been merged with similar schemes of LIC MF and the remaining 10 have been taken over by LIC MF. 

The merger is likely to have taken LIC MF's assets under management (AUM) past Rs. 21,000 crore. At the end of June, the AUM of LIC MF and IDBI MF stood at Rs. 18,400 crore and Rs. 3,650 crore, respectively. 
 

“The merger complements our goal to strengthen our scheme offerings in the mid-cap, small-cap, gold fund, passive fund segments, etc. The merger will help us build wider market presence and offer a more extensive range of product basket,” said TS Ramakrishnan, Managing Director & CEO of LIC MF. 

Société Générale picks up 1.08% in Bandhan Bank

Société Générale on Monday picked up 1.08 per cent stake in private sector lender Bandhan Bank. The investment major bought nearly 17.5 million shares at Rs. 218.6 apiece in two tranches for a total of Rs. 382 crore. Shares of Bandhan last closed at Rs. 223.3, up 2.9 per cent over its previous close.