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IDFC board approves divestment of mutual fund business

Capital Market 

The board of IDFC and IDFC Financial Holding on 17 September 2021 approved to initiate steps to divest its mutual fund business.

Shares of IDFC were up 0.71% at Rs 56.75. The stock fell 2.51% to settle at Rs 56.35 on Friday, 17 September 2021.

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

IDFC asset management company (AMC)'s assets under management were Rs 126264.05 crore as of June 2021.

IDFC AMC is sponsored by IDFC. The AMC manages a range of funds across debt and equity asset classes and has a distribution reach that covers 39 cities directly and has an indirect presence in over 283 towns across India.

On a consolidated basis, IDFC reported net loss of Rs 410.08 crore in Q1 June 2021 higher than net loss of Rs 24.46 crore in Q1 June 2020. Total income rose 7.15% to 111.56 crore in Q1 June 2021 over Q1 June 2020.

IDFC is a financial services company in India and it advances infrastructure development in the country.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, September 20 2021. 09:49 IST