Dewan Housing Finance Corporation (DHFL) has approved the acquisition of 50% of the equity share capital of Pramerica Asset Managers (PAMC), the asset management company of Pramerica Mutual Fund (PMF) and Pramerica Trustees (PTC), the trustee for the Pramerica Mutual Fund, from PGLH of Delaware Inc. (Prudential) at a total cash consideration of around Rs 24.49 crore.
After the completion of the proposed acquisition, DHFL and Prudential group shall become 50:50 shareholders of PAMC and PTC and DHFL shall become the co-sponsor of PMF.
Last year, DHFL and Prudential Financial Inc. created a life insurance joint venture, DHFL Pramerica Life Insurance Co. which serves the life insurance needs of customers across cities and towns in India.
Dewan Housing Finance Corporation is among the oldest private sector Housing Finance Companies (HFC) in India.
