Muthoot Finance to buy IDBI Bank's MF business
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New Delhi, Nov. 17 -- Gold loan financier Muthoot Finance Ltd is in advanced stages of acquiring IDBI Asset Management Ltd, the mutual fund unit of Life Insurance Corp. of India (LIC)-owned private sector lender IDBI Bank Ltd, three people aware of the development said.
"The deal is expected to close this week. Initially, the binding offers had come in from Muthoot Finance and Vikas Khemani's Carnelian Capital Advisors Llp," said one of the three persons cited above, all of whom spoke under condition of anonymity.
Spokespersons at IDBI Bank were not available for comment while Muthoot Finance did not respond to emailed queries. Former Edelweiss executive Vikas Khemani declined to comment over a phone call.
As on 31 March 2019, IDBI Ban...
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