Muthoot Finance to acquire IDBI Mutual Fund for Rs 215 crore

Muthoot Finance Ltd, the largest gold loan non-banking finance company in the country, entered into a definitive agreement to acquire IDBI Asset Management Ltd and IDBI Mutual Fund Trustee Company Ltd.

Muthoot Finance will purchase 100 per cent equity shares of IDBI Asset Management and IDBI MF Trustee for a total consideration of Rs 215 crore. The transaction is expected to be completed by the end of February 2020. The deal is subject to receipt of approval from regulators including the Securities and Exchange Board of India (SEBI).

Static/Current Takeaways Important For IBPS SO 2019:

  • Managing Director(MD) of Muthoot Finance Ltd: George Alexander Muthoot.
  • Founded: 1939; Headquarters: Kochi, Kerala.

Source: The Business Standard

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