Dewan Housing picks up 50% stake in Pramerica AMCs

PTI New Delhi | Updated on January 23, 2018 Published on August 11, 2015

Dewan Housing Finance Corporation (DHFL) today said it has acquired 50 per cent stake in Pramerica Asset Managers Pvt Ltd (PAMC) and Pramerica Trustees Pvt Ltd (PTC).

“The company on August 11, 2015, acquired 50 per cent equity stake in Pramerica Asset Managers Private Ltd, the asset management company of Pramerica Mutual Fund, and Pramerica Trustees Private Ltd, trustee for the Pramerica Mutual Fund, from PGLH of Delaware (Prudential),” it said in a BSE filing.

Accordingly, PAMC and PTC have become joint venture entities of Prudential and DHFL, the filing said.

In January, fair trade watchdog CCI had approved the mortgage lender Dewan Housing Finance’s proposed purchase of 50 per cent stake each in two arms of US-based PGLH of Delaware.

Following the transaction, the entities would become a 50:50 joint venture between Dewan Housing and PGLH.

Dewan Housing had entered into an agreement with PGLH in October 2014 following which it had sought approval from CCI in November last year.

DHFL stock was trading at Rs 512.40, down 1.64 per cent, on the BSE.

Published on August 11, 2015

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.