New Delhi: Infrastructure Development Finance Corporation (IDFC) has acquired Standard Chartered''s asset management business in India. The deal has finally gone through a year and two months after Standard Chartered put its asset management business in India for the sale. IDFC is a new entrant in the asset management market but has edged out 20 other competitors who were also in the race. These include Shinsei Bank and Indiabulls, who were considered to be favorites for the deal.
But the price tag for the deal is significantly higher at $ 205 million, nearly 70 per cent over the price at which UBS had clinched the deal in the previous round of bidding. After the RBI knocked down Standard Chartered''s first sale agreement with UBS, it took no chances this time around. The company''s management has reportedly been in touch with the regulator and informally kept them in the loop. While formal approvals will only come through, once the RBI has combed through the deal, but it seems that the buyout will sail through smoothly.
But the price tag for the deal is significantly higher at $ 205 million, nearly 70 per cent over the price at which UBS had clinched the deal in the previous round of bidding. After the RBI knocked down Standard Chartered''s first sale agreement with UBS, it took no chances this time around. The company''s management has reportedly been in touch with the regulator and informally kept them in the loop. While formal approvals will only come through, once the RBI has combed through the deal, but it seems that the buyout will sail through smoothly.
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