This was subject to receipt of necessary regulatory approvals from the Securities and Exchange Board of India (Sebi) and other regulators.
"As advised by Muthoot Finance, we (IDBI Bank) would like to inform that their request for a no objection certificate was not acceded to by Reserve Bank of India on the ground that, the activity of sponsoring a Mutual Fund or owning an Asset Management Company is not in consonance with the activity of an operating NBFC," the filing said.
Muthoot Finance had proposed to purchase 100 equity shares of IDBI AMC and IDBI MF Trustee Company held by the sellers for a total consideration of Rs 215 crore.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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