Fintech unicorn Groww has acquired 100 per cent stake in the mutual fund business of Indiabulls Housing Finance for ₹175.62 crore, according to Indiabulls’ stock exchange filing.
The deal includes cash and cash equivalent of Rs 100.62 crores.“We have pursuant to the intimations dated May 11, 2021, and September 10, 2021, informed the exchanges about the divestment by the Company of its entire stake in mutual fund business, being carried out by Indiabulls Asset Management Company Limited and Indiabulls Trustee Company Limited, trustee of IAMCL, to Nextbillion Technology Private Limited, part of the Groww group,” the filing noted.
The closing date for the transaction was recorded as May 3, 2023. The acquisition is limited to Indiabulls’ mutual fund business and the alternative investment fund has been retained by Indiabulls Housing Finance.
Groww got the approval of the Competition Commission of India (CCI) in September 2021 to acquire Indiabulls Asset Management Company (AMC) and Indiabulls Trustee Company. The initial announcement about the acquisition came in May 2021, when Groww said it would acquire Indiabulls Mutual Fund to make mutual funds more accessible, simpler, and more transparent, besides lowering the cost. Indiabulls MF had asset under management of ₹66,369 crore as of March 2021.
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