Dewan Housing takes 50% stake each in Pramerica AMCs

NEW DELHI: Dewan Housing Finance Corporation (DHFL) on Tuesday said it has acquired 50 per cent stake in Pramerica Asset Managers Private (PAMC) and Pramerica Trustees Private (PTC).

“The company on August 11, 2015, acquired 50 per cent equity stake in Pramerica Asset Managers Private Limited, the asset management company of Pramerica Mutual Fund, and Pramerica Trustees Private Limited, the trustee for the Pramerica Mutual Fund, from PGLH of Delaware (Prudential),” it said in a BSE filing.

Accordingly, PAMC and PTC have become joint venture entities of Prudential and DHFL, it said.

In January, fair trade watchdog CCI had approved mortgage lender Dewan Housing Finance’s proposed purchase of 50 per cent stake each in two arms of US-based PGLH of Delaware.

Following the transaction, the entities would become 50:50 joint ventures between Dewan Housing and PGLH.

Dewan Housing had entered into an agreement with PGLH in October 2014 following which it had sought approval from CCI in November, last year.

DHFL stock was trading at Rs 512.40, down 1.64 per cent, on BSE.