Invesco will retain a 40% stake in the fund house, while both IIHL and Invesco will have sponsor status. The size of the deal has not been disclosed. IIHL is the promoter entity of IndusInd Bank.
The equity purchase has prepared the door for Hinduja Group's entry into the rapidly expanding mutual fund business, transforming IndusInd International Holdings into a full-fledged financial services company.
China s stocks closed up on
Tuesday, rebounding from losses in early trade, after the
country announced its biggest ever reduction in the benchmark
mortgage rate to prop up the struggling property.
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