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Analyst Meet / AGM
13-Feb-19
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Conference Call
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IDFC
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Expects divestment of non-retail businesses to complete by December 2019
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IDFC conducted a conference call on 12 February 2019 to discuss the financial results of the company for quarter ended December 2018. Sunil Kakar, MD & CEO addressed the call:
Highlights:
- The company has continued a strong focus on unlocking values for shareholders benefit. The company has taken all strategic decisions planned earlier.
- Going forward, the company expects to focus entirely on growing and building up retail focused businesses i.e. bank and AMC.
- The divestment of all non-retail focus businesses is expected to be completed by end 2019, for which the company has finalized all counter party agreements.
- The company has finalized the sale of infrastructure business of IDFC Alternatives to US based GIP, while private equity real estate business is being sold to Investcorp. Also, Infrastructure Debt Fund is being taken over by NIIF (National Infrastructure and Investment Fund) and definitive agreement is being signed. On 09 February 2019, the company has signed country party agreement with The Chatterjee Group for sale of entire stake in securities business.
- With the completion of entire divestment process, the company expects to have cash in hands of Rs 1200 crore by end December 2019 which would be transferred to the shareholders.
- By October 2020, the lock-in period for 40% holding in bank ends, so the company will have the option of monetize some of its holding in the bank.
- The company has completed strategic review of AMC business and expects to create significant value from the business. The company to improve profitability of AMC business by 3-4 times in next 3-4 years.
- Within the AMC business, the company is focusing on expanding distribution and products sweet, while also investing in technology and asset management capabilities.
- The focus of the AMC business is on non-cash segment, which has maintained the market share of 2.9% in the non-cash segment.
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