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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