CCI approves LIC MF arm's acquisition of IDBI MF
New Delhi/IBNS: The Competition Commission of India (CCI) has approved the proposed acquisition of the management rights over the schemes of IDBI MF from IDBI Asset Management Limited by the LIC Mutual Fund Asset Management Ltd.
This includes LIC Mutual Fund Asset Management’s acquisition of the rights to manage and administer the schemes of IDBI Mutual Fund from IDBI Asset Management Ltd.
Further, LIC Mutual Fund Trustee Pvt Ltd’s will get the rights of trusteeship of the schemes of IDBI MF from IDBI MF Trustee Company Ltd.
Consequently, the schemes of IDBI MF will form part of LIC Mutual Fund with LIC AMC acting as the asset management company for the schemes of IDBI MF and LIC TC acting as the trustee company of the schemes of IDBI MF.
As part of the deal, apart from lump sum consideration, IDBI AMC will also acquire a certain non-controlling shareholding in LIC AMC.