sundaram: Sundaram Asset Mgmt gets Sebi nod to acquire Principal

CHENNAI: Sundaram Asset Management, a 100% subsidiary of Sundaram Finance, has obtained Sebi approval and approval from the Competition Commission of India (CCI) for the purchase of the asset management businesses of Principal Asset Management (Principal India). Sundaram will acquire the schemes managed by Principal India and acquire 100% of the share capital of Principal Asset Management, Principal Trustee Company, and Principal Retirement Advisors, as originally announced in January. The transaction is subject to compliance with Sebi prescribed processes and fulfilment of mutually agreed conditions precedent to deal closure, Sundaram said. The regulators require an ‘exit load free window’ for investors to redeem their investments, where such exit load is applicable.

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