Cyril Amarchand Mangaldas advises Groww on acquisition of Indiabulls Mutual Fund ANI | Updated: May 12, 2021 13:27 IST
New Delhi/ Mumbai (Maharashtra) [India], May 12 (ANI/NewsVoir): Cyril Amarchand Mangaldas advised Nextbillion Technology Private Limited (Groww Group), India s leading investment tech-platform, on its acquisition of Indiabulls Asset Management Company Limited and Indiabulls Trustee Company Limited, the asset management company and trustee company, respectively, of Indiabulls Mutual Fund, from its sponsor, Indiabulls Housing Finance Limited, subject to necessary approvals.
This is the first transaction in India under SEBI s new sponsor eligibility criteria for mutual funds.
Cyril Amarchand Mangaldas advised Groww and the transaction and regulatory team was led by Anu Tiwari, Partner; with support from Anindita Bhowmik, Partner; Sushim Aryan, Senior Associate; and Aditya Sarkar, Associate.
Indiabulls Housing Finance Ltd to sell MF business to Groww equitybulls.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from equitybulls.com Daily Mail and Mail on Sunday newspapers.
Indiabulls signs Rs 175 cr deal with Groww to exit mutual fund business
Groww will acquire Indiabulls Asset Management Company Limited and Indiabulls Trustee Company Limited (ITCL). The Rs 175-crore deal will include cash and cash equivalent of Rs 100 crore
BusinessToday.In | May 11, 2021 | Updated 20:27 IST
Indiabulls Housing Finance announced it will exit the mutual fund business to focus its management bandwidth and consolidate capital towards its core lending business. To this end, the housing finance company said it will sell its entire stake in mutual fund subsidiary to Nextbillion Technology, a part of the Groww Group, for a sum of Rs 175 crore.