Canbank MF to Acquire GIC MF

Canbank Mutual Fund has won the race to acquire the Asset Management Company(AMC) promoted by General Insurance Company, beating its contemporary competitors SBI Mutual Fund and LIC Mutual Fund. GIC currently has an asset base of Rs 100 crore spread over five schemes. The price of acquisition is not known at this stage. The proposed deal will be subject to clearances from the boards of GIC AMC and Canbank AMC before it goes to SEBI for the final approval.