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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. ....
Groww to acquire Indiabulls’ mutual fund business for Rs 175 crore SECTIONS Last Updated: May 11, 2021, 04:02 PM IST Share Synopsis The acquisition of Indiabulls’ mutual fund business paves the way for Groww to enter the asset management space, sought after by peers such as Zerodha and others. ETtech Mumbai: Online investment platform Groww, backed by funds such as Sequoia Capital and Tiger Global, has signed an agreement with Indiabulls Housing Finance to acquire its asset management company for Rs 175 crore, paving the way for the Bengaluru-based fintech startup to enter the mutual fund business. The sale of Indiabulls Mutual Fund will be limited to its mutual fund business while its other verticals such as the Alternate Investment Fund (AIF) and Portfolio Management Services (PMS) will be demerged and continue under Indiabulls Housing Finance, the two firms said on Tuesday. ....
Groww inks deal to acquire Indiabulls’ mutual fund biz for Rs 175cr SECTIONS Share Synopsis The sale of Indiabulls AMC will be limited only to the Mutual Fund business, while the Alternate Investment Fund (AIF) and Portfolio Management Service (PMS) businesses will be demerged from the existing Indiabulls AMC structure. Agencies Online investment platform, Groww will acquire Indiabulls Asset Management Company from Indiabulls Housing Finance for a consideration of Rs 175 crores. The sale of Indiabulls AMC will be limited only to the Mutual Fund business, while the Alternate Investment Fund (AIF) and Portfolio Management Service (PMS) businesses will be demerged from the existing Indiabulls AMC structure, and remain under Indiabulls Housing Finance, subject to regulatory approvals, Indiabulls Housing Finance said in an exchange filing on Tuesday. ....
Indiabulls HF divests mutual fund business to Groww for Rs 175 crore ANI | Updated: May 11, 2021 17:04 IST Mumbai (Maharashtra) [India], May 11 (ANI): Indiabulls Housing Finance said on Tuesday it has decided to divest its mutual fund business to investment platform Groww for Rs 175 crore. Indiabulls Mutual Fund is one of India s largest housing finance companies having a net worth of over Rs 16,500 crore. The company is engaged in providing home loans and loans to small business owners. Indiabulls Housing said it plans to focus management bandwidth and consolidate capital towards real estate asset management business in line with its asset-light strategy. The company expects the transaction with Groww to conclude by June 30, 2022. ....