Nov 22, 1999|
Principal to corner 50% stake in IDBI AMC
The Principal Financial Group (PFG) of the US is expected to acquire 50% equity stake in IDBI AMC at an acquisition cost of Rs 700 m. This was reported by a leading business daily.
PFG, a fortune 500 company, manages funds worth US$ 106 bn across the globe. It is a leading provider of a wide range of financial products and services to a wide range of financial products and services to over 10 m customers worldwide. Its services include retirement and investment services, life and health insurance and mortgage banking.
Industrial Development Bank of India (IDBI), with a corpus of Rs 6.2 bn in FY99, operates six schemes including both debt and equity schemes.
IDBI will enable PFG to acquire the stake in its asset management company - IDBI Investment Management Company (IIMCO) by part divestment of its equity and preference shareholding in IIMCO. The initial deal will fetch the company Rs 250-300 m.
PFG with its wide and varied experience will be able to run IDBI's mutual fund (MF) business with a lot more expertise.
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