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IDBI Bank Shares Surge 6% On Sale Of MF Business To Muthoot Finance
On Monday, shares of IDBI Bank climbed 5.9 percent to an intraday high of Rs 41 piece before crashing to a low of Rs 37.55. The surge in early morning trade comes after the private bank signed a share purchase agreement (SPA) with Muthoot Finance to sell its entire stake in IDBI Asset Management and IDBI MF Trustee company for Rs 215 crore.
On Friday, Muthoot Finance in a statement said that it has "entered into a definitive agreement to acquire IDBI Asset Management (AMC) and IDBI MF Trustee Company. " It added that the deal is subject to regulatory approvals and expected to be completed by February 2020.
Shares of Muthoot Finance also jumped around 9:50 am to an intraday high of Rs 693.85 before declining.
IDBI Mutual Fund, promoted by IDBI Bank, is a profitable company and will mark the entry of Muthoot Finance into the mutual fund business.
Upon completion of the transaction, Muthoot Finance will purchase 100 percent equity shares of IDBI AMC and IDBI MF Trustee Company held by the sellers.
