IDFC stocks fell 7% to Rs 63.5 per share on Thursday, a day after the company announced the divestment of its entire stake in IDFC AMC and IDFC AMC Trustee to a consortium led by Bandhan Financial Holding Limited for Rs 4,500 crore.

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IDFC was down 5.77% at Rs 64.45 a share at 11:00 a.m., compared to a 0.75% drop in the benchmark Sensex index. IDFC First Bank, on the other hand, was down 1.15%, while Bandhan Bank was up 1% to Rs 318.20 per share.

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The consortium by the holding company also includes private equity firm ChrysCapital and Singapore’s sovereign fund GIC. In the consortium, Bandhan Financial Holding owns 60% of the equity and the other two partners each own 20%.

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The Bandhan consortium was selected through a highly competitive divestment process that saw the participation of strategic players and financial investors. This is a highly-tracked acquisition and will be the largest deal in the Indian asset management industry to date, IDFC said in a statement.

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Anil Singhvi, Chairman of IDFC Limited said, “This transaction is a significant milestone in our plan of unlocking value and the consideration demonstrates the strong position of IDFC AMC in the Indian Mutual Fund space. We have achieved the signing within six months of the Board’s decision to divest, which further demonstrates IDFC Board’s commitment to consummate the merger of IDFC Limited and IDFC Financial Holding Company with IDFC First Bank.”

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Citigroup Global Markets Private Limited acted as the exclusive financial advisor. Cyril Amarchand Mangaldas is the legal advisor to IDFC Limited.

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IDFC announced the sale of its mutual fund business after the company faced shareholders’ outrage over delays in disinvestments and mergers.