IDFC receives approvals for acquisition of Standard Chartered's Mutual Fund Business in India

With reference to the earlier announcement dated March 07, 2008 regarding Infrastructure Development Finance Company Ltd (IDFC) and Standard Chartered Bank (SCB) had entered into an agreement whereby IDFC had agreed, subject to regulatory approvals, to acquire the mutual fund business of SCB in India.In this regard, Infrastructure Development Finance Company Ltd (IDFC) has announced that, IDFC has received all necessary approvals from the concerned regulatory authorities. Accordingly, IDFC has, effective May 30, 2008, acquired the mutual fund business of SCB.The stock closed the day at Rs.147.20, down by Rs.0.95 or 0.64%. The stock hit an intraday high of Rs.149 and low of Rs.144.25.The total traded quantity was 1334115 compared to 2 week average of 1305858.