IDFC to sell MF business to Bandhan-led consortium; stock tanks 7%

IDFC and IDFC Financial Holdings will sell their entire shareholding in IDFC AMC and IDFC AMC Trustee to a consortium led by Bandhan Financial Holding Limited for Rs 4,500 crore

Shares of IDFC plunged 7 per cent to Rs 63.5 apiece on the BSE on Thursday, a day after the company announced the divestment of IDFC and IDFC Financial Holdings' entire shareholding in IDFC AMC and IDFC AMC Trustee to a consortium led by Bandhan Financial Holding Limited for Rs 4,500 crore.

"we wish to inform you that the board of directors of IDFC Limited and IDFC Financial Holding Company Limited at their respective meetings held on April 06, 2022, have inter alia considered binding bids received in connection with divestment of IDFC AMC along with IDFC AMC Trustee company Limited