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Indiabulls Housing Finance has executed definitive transaction document to divest its mutual fund business to Nextbillion Technology, part of Groww Group ('Groww') for about Rs 175 crore. Indiabulls Housing Finance is the sponsor of Indiabulls Mutual Fund. Indiabulls Housing has decided to focus on its real estate asset management business through AIF structures in line with its asset-light strategy. The real estate asset management business is complementary to the core business of the company. The company plans to grow this business in partnership with global player(s). The mutual fund busi...

Indiabulls signs Rs 175 cr deal with Groww to exit mutual fund business Groww will acquire Indiabulls Asset Management Company Limited and Indiabulls Trustee Company Limited (ITCL). The Rs 175-crore deal will include cash and cash equivalent of Rs 100 crore BusinessToday.In | May 11, 2021 | Updated 20:27 IST Indiabulls Housing Finance announced it will exit the mutual fund business to focus its management bandwidth and consolidate capital towards its core lending business. To this end, the housing finance company said it will sell its entire stake in mutual fund subsidiary to Nextbillion Tec...

Photo: Pradeep Gaur/Mint May 11, 2021 Nextbillion Technology Pvt. Ltd, the parent which operates wealth management platform, Groww, on Tuesday said it has entered into a definitive agreement with Indiabulls Housing Finance Ltd (IBHFL) to acquire the mutual fund business of its subsidiaries Indiabulls Asset Management Company Limited (IAMCL) and Indiabulls Trustee Company Limited, for ₹175 crore ($24 million). The deal includes a cash equivalent of ₹100 crore ($13.6 million), to be invested by Groww, and is subject to regulatory approvals by the Securities and Exchange Board of India (Seb...

For consideration of Rs 175 croreIndiabulls Housing Finance along with its wholly owned subsidiary companies Indiabulls Asset Management Company (IAMCL) and Indiabulls Trustee Company, Trustee of IAMCL, (ITCL) has executed definitive transaction document with Nextbillion Technology, part of Groww Group (hereinafter referred to as Groww), to divest its entire stake in mutual fund business, being carried out by IAMCL & ITCL to the Groww at an aggregate purchase consideration of Rs 175 crore (including cash and cash equivalents of Rs 100 crore, as on closing date) (Transaction) subject to nec...