Markets

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
This article is closed for comments.
Please Email the Editor