IDFC hits new high

IDFC Ltd is buzzing loud today. The stock, which had closed yesterday at Rs.66, went on to hit a new 52-week high today at Rs.70.15 on the back of robust volumes.

The stock is up after unconfirmed media reports stated that by today evening, the company is likely to announced sale of its mutual fund business after it received the Board’s approval. A formal announcement is expected before the end of this week.

News doing the rounds is that a consortium led by Bandhan Financial Holdings is leading the race to acquire IDFC AMC.

Two others named in the race are Singapore’s sovereign wealth fund GIC, consortium of PE funds Warburg Pincus and Kedaara Capital and also in the race is another PE fund, ChrysCapital.