 "The company is now valued at $7 billion, a size that may spur MSCI to include the stock in its gauge at the quarterly review due in August")
The Reserve Bank of India (RBI) has rejected Kerala-based Muthoot Finance's proposal to acquire IDBI Asset Management Company (AMC).
In a notification to the exchanges on Tuesday, Muthoot Finance said its request for a no-objection certificate was not acceded to by the RBI on the ground that, “the activity of sponsoring a mutual fund (MF) or owning an AMC was not in consonance with the activity of operating a non-banking financial company (NBFC)".
Consequently, Muthoot informed the Securities and Exchange Board of India that it was unable to proceed with the proposed transaction.
The Kerala-based gold loan
In a notification to the exchanges on Tuesday, Muthoot Finance said its request for a no-objection certificate was not acceded to by the RBI on the ground that, “the activity of sponsoring a mutual fund (MF) or owning an AMC was not in consonance with the activity of operating a non-banking financial company (NBFC)".
Consequently, Muthoot informed the Securities and Exchange Board of India that it was unable to proceed with the proposed transaction.
The Kerala-based gold loan
