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IndusInd, CITIC CLSA eye IDFC MF biz; OYO in talks for fresh funds

22 March, 2018

Diversified financial services firm IDFC Ltd is in talks with interested parties to merge or sell its asset management arm as part of its value-unlocking moves for shareholders, a daily reported.

According to The Times of India, private-sector lender IndusInd Bank Ltd, Hong Kong-based financial services firm CITIC CLSA and private equity firm Apax Partners, among others, have evinced interest in IDFC Asset Management Company Ltd.

The report cited one person saying that IndusInd is interested in the asset management business at a reasonable valuation. The bank, originally promoted by the Hindujas and the first private bank to get a licence in post-liberalised India, is looking to build a full suite of financial services.

In March 2017, IDFC Financial Holding Company Ltd, a subsidiary of IDFC Ltd, had agreed to buy back a 25% stake in IDFC AMC from Paris-based Natixis Global Asset Management for Rs 244.24 crore.

Established in 2000, IDFC AMC is among the top 15 mutual fund firms in India. Its average assets under management stood at Rs 66,361 crore in the July- September 2017 quarter.

OYO funding
Budget hotels marketplace OYO Rooms, which is operated by Oravel Stays Pvt. Ltd, is in exploratory talks with existing investors led by SoftBank Group, besides two new investors, to raise $500-800 million in fresh funding, Mint reported.

The firm is seeking fresh investments to expand its domestic and international operations, the report added.

Last September, OYO had raised $250 million (Rs 1,600 crore) in its Series D round led by SoftBank Group Corp.

However, an OYO spokesperson told VCCircle that the company was not raising any fresh investment at this point in time. “The company is well-capitalised with the $250 million funding and is currently focussing on growing its operations in India and new launches in Malaysia and Nepal.”

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IndusInd, CITIC CLSA eye IDFC MF biz; OYO in talks for fresh funds

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