Bandhan Financial Holdings Ltd., Lathe Investment Pte. Ltd., Tangerine Investments Limited and Infinity Partners agreed to acquire 99.96% stake in IDFC Asset Management Company Limited and 100% stake in IDFC AMC Trustee Company Limited from IDFC Limited (NSEI:IDFC) and IDFC Financial Holding Company Limited for INR 45 billion on April 6, 2022. The Transaction is subject to receipt of necessary regulatory approvals and customary closing conditions. As of August 2, 2022, Competition Commission of India approves the acquisition. As of October 20, 2022, the transaction has been approved by the Reserve Bank of India. As of November 30, 2022, the transaction is approved by SEBI. Saswat Subasit, Shourya Sengupta, Sumit Chakraborty, Dipen Chatterjee, Supratim Chakraborty , Anshul Prakash, and Abhinav Rastogi of Khaitan & Co. porvided legal counsel to Bandhan Financial Holdings Ltd. JM Financial Limited acted as the financial advisors to the Consortium and Citigroup Global Markets India Private Limited acted as the exclusive financial advisors to IDFC Limited. TriLegal Partners provided legal counsel to GIC. Anu Tiwari, Ketaki Mehta, Avantika Kakkar, Kirthi Srinivas, Abhinav Kumar and team of Cyril Amarchand Mangaldas acted as due diligence providers to IDFC Group.

Bandhan Financial Holdings Ltd., Lathe Investment Pte. Ltd., Tangerine Investments Limited and Infinity Partners completed the acquisition of IDFC Asset Management Company Limited/IDFC AMC Trustee Company Limited from IDFC Limited (NSEI:IDFC) and IDFC Financial Holding Company Limited for INR 44.9 billion on January 31, 2023. Transaction completed following receipt of all necessary regulatory approvals and completion of mutually agreed closing related actions.