IDFC to sell mutual fund business.

IDFC group has decided to divest its mutual fund business — IDFC Asset Management Company (IDFC AMC) Ltd.

IDFC AMC’s assets under management were Rs 1,26,070 crore as of June 2021.

“The board of directors of IDFC Ltd and IDFC Financial Holding Company Ltd (IDFC FHCL) considered and approved to initiate steps to divest its mutual fund business subject to requisite regulatory approvals, as applicable,” IDFC said in a stock exchange filing. “The boards have authorised respective strategy and investment committees to take necessary steps, including appointment of an investment banker for the same,” it said.