Union Bank of India has agreed to acquire the entire shareholding held by KBC Participations Renta in Union KBC Asset Management Company Private Limited. Union Bank presently holds 51% of the paid up equity share capital of Union KBC AMC and the remaining 49% is held by KBC Renta.
Pursuant to the transaction:
- Union Bank will become the sole sponsor of Union KBC MF.
- The name of Union KBC Mutual Fund will be changed to Union Mutual Fund.
- The name of the Schemes will also be changed. Eg. Union KBC Equity Fund will become Union Equity Fund.
The option to exit without exit load, if any, can be exercised from August 10, 2016 to September 8, 2016.