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Muthoot Finance to acquire IDBI Mutual Fund for Rs. 215 crore

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5 years ago

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Mumbai: Gold loan provider Muthoot Finance  Muthoot Finance (MFIN) on Friday said that it has entered into a definitive agreement to acquire IDBI Asset Management and IDBI MF Trustee Company, paving the way for Muthoot Finance’s entry into the mutual fund asset management space.

The business will change hands for Rs 215 crore, with the buyer assigning the fund a value of 4 per cent of the total assets managed. Promoted by IDBI Bank in 2010, IDBI Mutual Fund is one of the profit making AMCs with assets of Rs 5,348 crore. The transaction is expected to be completed by February 2020

Promoted by IDBI Bank in 2010, IDBI MF is one of the profit making companies in the mutual fund space with Assets Under Management (AUM) of approximately Rs 5,300 crore.

“We are excited to venture into this new path in the financial services space,” said George Alexander Muthoot, Managing Director of Muthoot Finance. “We are equally excited to partner with the strong, experienced and enthusiastic management team at IDBI Mutual Fund as we embark upon the next level of our journey.”

IDBI MF runs 22 schemes with robust AUM across products, geography and investors.
Muthoot Finance said it would purchase 100 percent equity shares in both companies for Rs 215 crore.
The Indian mutual fund industry has been one of the fastest growing businesses in the past five years. Assets under management have increased from Rs 10.96 lakh crore in October 2014 to Rs 26.33 lakh crore in October 2019, a 2.5x rise in a span of 5 years.

Earlier this year, Reliance Capital sold its asset management business to Nippon Life Asset Management, while Toronto based Manulife picked up a 49 per cent stake in Mahindra Asset Management. Bank of Baroda and BNP Paribas AMC AMC have also decided to merge their asset management arms.

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Apple is giving a huge discount on its gadgets: Details inside

Published

3 years ago

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May 5, 2022

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If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

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