IDFC in the race to acquire Standard Chart Mutual Fund

Thebullishtrends: IDFC share price closed on Friday at Rs.Infrastructure Development Finance Corporation (IDFC) is in the finalist in the race to acquire Standard Chartered Mutual Fund. As per the ET the deal is said to have been concluded at around $ 205 million, far higher than the price of $120 mn that UBS was willing to shell out, a few months ago. The deal in IDFCs favour is said to be comfort factor on account of it being a domestic entity and the fact that a local institution may be quicker in getting regulatory approvals. IDFC and Japanese group Shinsei had emerged as the frontrunners in what has been a long drawn race. After the deal with the Swiss banking group UBS fell through, Standard Chartered PLC had invited fresh bids. Following this close to 20 players, mostly international, had shown interest. A few weeks ago StanChart had shortlisted around seven players. The minimum bid price was $175 mn as against the base level of $137 mn, quoted by StanChart.