LIC Mutual Fund had started its process of absorbing IDBI Mutual Fund in the mid of 2022 and finally some big developments are taking place with respect to the same.
The Competition Commission of India, on Wednesday, approved the proposal of LIC’s Mutual Fund arm ‘LIC Mutual Fund Asset Management’ to acquire the management rights over the IDBI Mutual Fund schemes provided by IDBI AMC.
Moreover, CCI has also agreed upon the decision regarding the Trustee of LIC Mutual Fund acquiring rights of trusteeship of the Mutual Fund schemes of IDBI from IDBI MF Trustee Company. As part of the deal, IDBI AMC will be acquiring a certain ‘non-controlling’ shareholding in LIC AMC.
IDBI stock remained flat today with opening its trading session at Rs 47.15 and is currently trading at a price of Rs 46.90. The stock is down around 0.5 percent as compared to the previous closing price of Rs 47.15. Despite the average performance, the stock has been able to deliver decent returns of around 17 percent to its stakeholders within a span of six months.
IDBI Mutual Fund, subsidiary of IDBI Bank, employs over 200 people across 15 branches in the country. The company is a financial service provider which caters to customers looking for short and long-term investment options.
It has been recognised as one of the best performing investment schemes which are currently present in the Indian financial market. Its primary products include equity, debt, gold, and hybrid funds offering decent annual returns.
Written by Amit Madnani
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