Muthoot Finance to acquire IDBI Mutual Fund for Rs 215 crore

Muthoot Finance will acquire IDBI Asset Management for Rs 215 crore to enter mutual fund space. The deal, which is subject to necessary regulatory approvals including markets regulator Sebi, is expected to be completed by February-end 2020.

Promoted by IDBI Bank in 2010, IDBI Mutual Fund is one of the profit making AMCs in the space with an asset base of over Rs 5,300 crore. The fund house runs 22 schemes with robust asset base across products, geography and investors.