The race for IDBI AMC is heating up with top AMCs such as Edelweiss, Motilal Oswal and IIFL showing interest to acquire 100 percent stake in the mutual fund business of IDBI Bank, sources familiar with the matter told CNBC-TV18.
Last week, IDBI Bank had floated the request for proposal (RFP) to divest 100 percent stake in the AMC. According to media reports, IDBI Bank has appointed ICICI Securities Ltd to advise it on the sale of its mutual fund business, IDBI Asset Management Ltd and IDBI MF Trustee Co. Ltd and the bank has invited expression of interest from buyers by 10 June.
The move comes after LIC completed the acquisition of a 51 percent stake in IDBI Bank in January.
IDBI AMC had AUM of approximately Rs 9,000 crore as of March 2019.