IDFC begins search for MF biz suitors

The Board of Directors of IDFC Ltd and IDFC Financial Holding Company Ltd (IDFC FHCL) approved to initiate steps to divest the mutual fund business — IDFC Asset Management Company (IDFC AMC) Ltd. IDFC AMC is the direct subsidiary of IDFC FHCL and indirect subsidiary of IDFC. As on March 31, 2021, IDFC held 99.96 % in IDFC AMC. IDFC AMC's average assets under management (AAUM) for the June quarter was at INR 1,26,070 crore.