Sebi approves IIHL's acquisition of PMS business unit of Invesco AMC

Capital market regulator Sebi has granted its approval to Hinduja Group firm IndusInd International Holdings for the acquisition of Invesco AMC's portfolio management services business.

According to sources, Sebi's approval marks the completion of a crucial phase in IndusInd International Holdings Limited's (IIHL) 60 per cent acquisition of Invesco AMC, leaving only one final regulatory approval before the transaction can be completed.

An application seeking the Securities and Exchange Board of India's green signal for grant of sponsor approval to IIHL is in process and upon receipt, IIHL will proceed with consummation of the transaction, sources said.

The Competition Commission of India (CCI) has already granted its consent to IIHL for acquiring 60 per cent shareholding in each of InvescoAsset Management (India) Pvt Ltd and Invesco Trustee Pvt Ltd.

IIHL will be holding the investment through its wholly-owned and controlled subsidiary.

The company had earlier bid and emerged ...