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T he Competition Commission of India has given its nod for the transaction involving US-based Prudential Financial buying out DHFL’s 50 per cent shareholding in their joint venture DHFL Pramerica Mutual Fund.
It may be recalled that crisis-ridden DHFL had late last year announced its exit from DHFL Pramerica Mutual Fund through sale of its 50 per cent shareholding each in both DHFL Pramerica Asset Managers and DHFL Pramerica Trustees to PGLH of Delaware Inc, an entity owned by Prudential Financial.
With the assent of the competition watchdog, US-based Prudential Financial will gain sole control over DHFL Pramerica Mutual Fund.
“@CCI India approves acquisition by PGLH of Delaware Inc of 50 per cent shareholding in each of DHFL Pramerica Asset Managers and DHFL Pramerica Trustees and sole control over DHFL Pramerica Mutual Fund,” said a tweet by CCI.
DHFL had acquired the 50 per cent stake in the mutual fund business in 2015.
DHFL Asset Managers had reported revenue of ₹129.74 crore in financial year 2017-18, higher than the revenue of ₹109.67 crore in the previous year.
It reported a profit of ₹7.76 crore in 2017-18, compared to a profit of ₹7.64 crore a year ago.
On Thursday, the shares of DHFL closed 7.88 per cent lower at ₹157.2 on the BSE.
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