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SEBI Permits Sundaram Asset Management To Go Ahead With The Purchase Of Principal AMC in India

SEBI Permits Sundaram Asset Management To Go Ahead With The Purchase Of Principal AMC in India
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Sundaram Asset Management Co-Principal deal gets CCI nod

Sundaram Asset Management Co-Principal deal gets CCI nod SECTIONS Last Updated: Apr 07, 2021, 10:29 AM IST Share Synopsis Competition Commission of India has cleared Sundaram Asset Management Company Ltd s (SAMC) proposed deal to acquire the asset management business of Principal in India. ET Online Competition Commission of India has cleared Sundaram Asset Management Company Ltd s (SAMC) proposed deal to acquire the asset management business of Principal in India. The deal involves acquisition of 100 per cent of the issued and paid-up equity share capital of Principal Asset Management Pvt Ltd (PAMPL), Principal Trustee Company Pvt Ltd (PTCPL) and Principal Retirement Advisors Pvt Ltd (PRAPL), as per a combination notice filed with the regulator.

Sundaram AMC to buy Principal s core businesses for undisclosed sum

Sundaram Asset Management Company (Sundaram), a 100 per cent subsidiary of Sundaram Finance Ltd, has announced the purchase of the core businesses of Principal Asset Management Pvt Ltd. Value of the transaction is around Rs 338.53 crore. Sundaram will acquire the schemes managed by Principal Asset Management Pvt Ltd and acquire 100 per cent of its share capital, along with that of Principal Trustee Company Pvt Limited, and Principal Retirement Advisors Pvt Ltd. The transaction is subject to the receipt of necessary regulatory approvals and Sebi prescribed processes, and Principal will continue to operate the businesses until the deal is closed. Sundaram is a leading player in the fund management space with a 25-year track record. It has over Rs 40,000 crore in assets under management, the majority of which are in equity-oriented schemes.

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