IDFC stock ends 4% higher after CCI approves divestment of IDFC AMC

In April this year, a consortium of Bandhan Bank's parent, private equity firm ChrysCapital and Singapore's sovereign fund GIC had announced the acquisition of IDFC AMC for Rs 4,500 cr

IDFC stock advanced 3.63% to Rs 59.90 after the company said that the Competition Commission of India (CCI) has approved the divestment of IDFC Asset Management Company (IDFC AMC).

On the BSE, 1.09 million shares of IDFC were traded in the counter during the day as compared with average daily volumes of 3.22 lakh shares in the past two weeks.

"...The Competition Commission of India has, vide its letter dated August 01, 2022, informed that the Commission, at its meeting held on August 01, 2022, considered the proposed combination and approved the same under sub-section (1) of Section 31 of