- Date : 24/03/2023
- Read: 2 mins
The Indiabulls AMC board will shift sponsorship to Nextbillion Technologies (NBT) from Indiabulls Housing Finance Ltd. (IBHFL).
The Indiabulls AMC board will shift sponsorship to Nextbillion Technologies (NBT) from Indiabulls Housing Finance Ltd. (IBHFL). Nextbillion Technologies (NBT) is Groww's promoter. Asset managers informed their investors by writing a letter about the scheme changes.
Also Read: Groww is among the top startups in India in 2022.
Indiabulls Mutual Fund
Incorporated in 2008, the MF had Indiabulls Housing Finance as a sponsor and was established as a trust. Indiabulls Trustee Company Ltd. (ITCL) was the Trustee, and the business is among the fastest growing in the private sector. The MF business is not huge yet, and the company offers advisory services, asset management, consumer finance, commercial loans, and housing finance. Indiabulls MF is small, and its AUM is Rs. 508 crores. It comprises 10 schemes—two hybrid schemes and four debt and equity schemes each.
Nextbillion Technology (NBT)
NBT is a stockbroker, depository participant, and research analyst registered with SEBI. It is also a mutual fund distributor registered with AMFI. The company is a subsidiary of the well-known Groww.
About the Change
The company wants to change the ITCL and IBAMC names to Groww Trustee Limited and Groww Asset Management Limited, respectively. The suggested names can be different, as they must be approved by the ROC (registrar of companies). The documents, corporate logo, and materials shall reflect the new names post-approval. Indiabulls Housing Finance Limited (IBHFL) plans to transfer its shareholding to NBT. It will transfer all its paid-up share capital shareholding of ITCL as well. IBHFL will resultantly not be Indiabulls MF sponsor, and the new sponsor will be NBT. The IBHFL nominee director plans to resign from ITCL and IBAMC boards, and NBT-nominated individuals will be taken on the new board.
Read: All you need to know about coffee can investing.
Reports suggest that IBHFL wants to divest the mutual funds business in order to focus on building its real estate management business. It intends to consolidate capital and base the business around an Alternate Investment Fund, which is aligned with the company's asset-light plan. AIF will focus on wholesale early-stage finances, and IBHFL will concentrate on retail disbursements.
The Indiabulls AMC board will shift sponsorship to Nextbillion Technologies (NBT) from Indiabulls Housing Finance Ltd. (IBHFL). Nextbillion Technologies (NBT) is Groww's promoter. Asset managers informed their investors by writing a letter about the scheme changes.
Also Read: Groww is among the top startups in India in 2022.
Indiabulls Mutual Fund
Incorporated in 2008, the MF had Indiabulls Housing Finance as a sponsor and was established as a trust. Indiabulls Trustee Company Ltd. (ITCL) was the Trustee, and the business is among the fastest growing in the private sector. The MF business is not huge yet, and the company offers advisory services, asset management, consumer finance, commercial loans, and housing finance. Indiabulls MF is small, and its AUM is Rs. 508 crores. It comprises 10 schemes—two hybrid schemes and four debt and equity schemes each.
Nextbillion Technology (NBT)
NBT is a stockbroker, depository participant, and research analyst registered with SEBI. It is also a mutual fund distributor registered with AMFI. The company is a subsidiary of the well-known Groww.
About the Change
The company wants to change the ITCL and IBAMC names to Groww Trustee Limited and Groww Asset Management Limited, respectively. The suggested names can be different, as they must be approved by the ROC (registrar of companies). The documents, corporate logo, and materials shall reflect the new names post-approval. Indiabulls Housing Finance Limited (IBHFL) plans to transfer its shareholding to NBT. It will transfer all its paid-up share capital shareholding of ITCL as well. IBHFL will resultantly not be Indiabulls MF sponsor, and the new sponsor will be NBT. The IBHFL nominee director plans to resign from ITCL and IBAMC boards, and NBT-nominated individuals will be taken on the new board.
Read: All you need to know about coffee can investing.
Reports suggest that IBHFL wants to divest the mutual funds business in order to focus on building its real estate management business. It intends to consolidate capital and base the business around an Alternate Investment Fund, which is aligned with the company's asset-light plan. AIF will focus on wholesale early-stage finances, and IBHFL will concentrate on retail disbursements.
