M&A

M&A

IPO-bound Prudent Corporate Advisory buys mutual fund biz of Karvy Stock Broking

Mint  

Ahmedabad-based wealth manager and mutual fund distributor Prudent Corporate Advisory Services, which has filed for an IPO, has acquired the mutual fund business of Hyderabad-based Karvy Stock Broking Ltd. The acquisition has been done through a bidding process conducted by a joint committee of stock exchanges comprising the NSE, the BSE and the Metropolitan Stock Exchange of India Limited (MSEI). As of July 2021, Karvy Stock Broking had 11.98 lakh folios with an AUM of INR 9,261 crore. It has 4.2 lakh live SIPs with an input value of INR 87 crore a month and a sub-distribution network of over 5,000 mutual fund distributors.

In Jul-18, TA Associates invested over $35 M in Prudent Corporate. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)