Bharti-AXA Mutual Fund is most likely to sell its stake to Bank of India and the deal is to be finalised in the next one month. Earlier, public sector banks like Central Bank and Indian Overseas Bank were reported in the race to buy the stake in the mutual fund house.
According to the market participants, Bharti Enterprises which holds 25% stake in the venture is likely to exit from the mutual fund business. Sandeep Dasgupta, CEO of Bharti AXA investment manager said, "We are looking for a banking partner, but I can't comment whether it will completed within the next month, as there are several processes to go through." He didn't comment on the share price at which Bharti will exit the business. "You will know it once the deal is done," he said.
For the last two years, Bharti-AXA MF was looking for a partner to expand its asset management business, but talks were put on hold following financial meltdown of 2009. A senior official close to the development said, "valuations are still being worked-out as Bank of India is planning to buy more than 25% stake in the fund house."
Source: http://www.indianexpress.com/news/bharti-may-exit-bhartiaxa-mutual-fund/728646/--
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