A consortium of Bandhan Financial Holdings, GIC and ChrysCapital will acquire IDFC Asset Management Company for Rs 4,500 crore in one of the largest deals in the country’s asset management space.

IDFC Ltd and the consortium have entered into a definitive agreement to acquire IDFC Asset Management Company Limited (IDFC AMC) and IDFC AMC Trustee Company Limited. The deal will be for a consideration of Rs 4,500 crore, the filing said.

The consortium holding is in the ratio of 60 per cent from Bandhan Financial Holdings, 20 per cent from GIC affiliate 20 per cent from ChyrsCapital affiliate.

IDFC MF has assets under management of around Rs 1.25 lakh crore.

“This is a highly tracked acquisition and will be the largest deal in the Indian asset management industry to date,” it added.

The agreement envisages continuity of the current management team and investment processes at IDFC AMC.

This will be supplemented by Bandhan’s brand as well as GIC’s and CC’s international network and experience which will aid IDFC AMC in further cementing its position in the asset management industry and propel further growth, the filing said.

“This transaction is a significant milestone in our plan of unlocking value and the consideration demonstrates the strong position of IDFC AMC in the Indian mutual fund space,” Anil Singhvi, chairman of IDFC Limited, said.