Bandhan-led consortium buys IDFC's mutual fund business for Rs 4,500 cr

Singapore's sovereign wealth fund GIC, private equity player ChrysCapital are partners of the consortium

Bandhan Financial Holding-led consortium has entered into a definitive agreement to acquire IDFC Asset Management Company and IDFC AMC Trustee Company for Rs 4,500 crore, subject to receipt of necessary regulatory approvals, an official said on Wednesday.

Bandhan Financial Holding is the holding company of private sector lender Bandhan Bank.

The consortium led by it also includes private equity firm ChrysCapital and Singapore's sovereign fund GIC. In the consortium, the equity pattern is 60% for Bandhan Financial Holding and 20% each for the other two partners.

Bandhan Financial is also the holding company of Kolkata-based private sector lender Bandhan