L&T AMC, with 39 mutual fund schemes, has assets of around ₹63,057 crore as of end-September. For the L&T Mutual Fund deal, Sebi’s approval was crucial for Blackstone to acquire the entire business. But the issue before Sebi was that Blackstone is registered with Sebi as a PE fund under alternative investment fund (AIF) rules. On 8 June, Mint reported that apart from Axis Mutual Fund and IIFL Mutual Fund, at least three investment managers—Blackstone Group, ChrysCapital and Avendus Capital Pvt. Ltd—had evinced interest in buying a stake in L&T Mutual Fund.

Source: Mint October 20, 2020 00:00 UTC