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IndiaBulls Housing To Exit Mutual Fund Business
Indiabulls Housing Finance Ltd. the Sponsor of Indiabulls Mutual Fund has decided to focus management bandwidth and consolidate capital towards its core lending business and divest out of the Mutual Fund business.
The Company along with its wholly owned subsidiary companies Indiabulls Asset Management Company Limited (IAMCL) and Indiabulls Trustee Company Limited, Trustee of IAMCL, (ITCL) has executed definitive transaction document with Nextbillion Technology Private Limited, part of Groww Group to divest its entire stake in mutual fund business, being carried out by IAMCL & ITCL to the Groww at an aggregate purchase consideration of Rs 175 crores (including cash and cash equivalents of Rs 100 Crore, as on closing date) subject to necessary approvals, as may be required in this regard.
Groww is one of the leading tech platforms for investing inter alia in stocks and mutual funds. Groww is headquartered in Bangalore and backed by marquee investors including Tiger Global, Sequoia Capital India, Y Combinator and Ribbit Capital.
IndiaBulls Housing has has decided to focus on its Real Estate Asset Management business through AIF structures in line with its asset-light strategy.
"The Real Estate Asset Management business is complementary to the core business of the Company and the sponsor plans to grow this business in partnership with global player(s)," the company said in a notice to the exchanges.
