Avendus frontrunner to acquire IDFC’s AMC and broking units

By Vivek Iyer

It's advantage Avendus Capital. The firm has elbowed out rivals in its bid to acquire IDFC assets, say sources.

The company has made a formal offer to take over IDFC's two units put on the block — broking and asset management businesses.

Earlier rounds of talks pointed to a deal size of Rs 5,000-6,000 crore.

If the acquisition sees the light of day, it would help Avendus become a full-fledged financial services player.

Queries sent by ETNow to IDFC and Avendus went unanswered at the time of filing this report.

While IDFC Securities earned profit of Rs 23 crore as of March 2018, its AMC division notched up Rs 54 crore.

IDFC AMC's average AUM (asset under management) stood at Rs 69,590 crore as of June. Equity AUM read Rs 21,612 crore.

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