IDFC - Acquisition of Standard Chartered Asset Management Company Pvt Ltd & Standard Chartered Trustee Company Pvt Ltd by IDFC
Infrastructure Development Finance Company Ltd (IDFC) has informed BSE that IDFC and Standard Chartered PLC on March 07, 2008 have entered into an agreement whereby IDFC has agreed to acquire 100% equity share capital of Standard Chartered Asset Management Company Pvt Ltd (SCAMC) and Standard Chartered Trustee Company Pvt Ltd (SCTCPL). SCAMC and SCTCPL represent the mutual fund business of Standard Chartered PLC in India.
In this regard the Company has issued the following Press Release:
“Standard Chartered PLC announced that it has agreed to sell Standard Chartered Trustee Company Pvt Ltd and Standard Chartered Asset Management Company Pvt Ltd, including minorities to Infrastructure Development Finance Company Ltd (IDFC) for a total cash consideration of approximately USD 205 million. The consideration is before deductions for local taxes and deal expenses.
The Companies mentioned above represent the mutual fund manufacturing business of Standard Chartered in India. The transaction does not include Standard Chartered a mutual fund distribution business which Standard Chartered will continue to pursue.
Jaspal Bindra, Chief Executive Office, Asia said, “IDFC is a well respected financial services Company and we are delighted to have reached an agreement with them for the sale of this business. Standard Chartered will remain a distributor of asset management products in India. India is a key market and delivered record results in 2007.”
Dr. Rajiv Lall, Managing Director and Chief Executive Officers of the Company said, “We are pleased to acquire a quality asset management platform. This is in line with our wider strategy of broadening our footprint in the asset management business and diversifying our fee-based revenue streams”.
This transactions is subject to certain regulatory approvals and other closing conditions and is expected to complete in the second quarter of 2008.”
Tags: IDFC