Infrastructure Development Finance Corporation (IDFC) has decided to buy the mutual fund business of Standard Chartered for $205 million (Rs.830 crore). This is significantly higher than the $135 million UBS was willing to shell out a year ago.

The UK major has a 74.9% stake in the AMC with the remaining being held by Atul Choksey, the former co-founder of Asian Paints. The consideration is before deductions of local taxes and deal expenses.

It was also reported that the top 10 employees in the fund would be given a retention bonus, which could be in the region of $3 million, to be paid out over an 18 to 24 month time-frame.

 



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