Muthoot Finance is proposing to acquire IDBI Asset Management, the mutual fund arm of IDBI Bank. In fact, there are offers from Muthoot Finance as well as Carnelian Capital Advisors, owned by Vikas Khemani for the firm. IDBI Bank owns 66.67% stake in IDBI Asset Management with IDBI Capital Markets and Securities holding a 33.33% stake each. The company managed 22 schemes during FY2019, comprising 12 equity fund schemes, 6 debt fund schemes, 2 hybrid fund schemes and 1 gold fund of funds and gold exchange traded funds scheme each. The company’s total assets under management fell 16% year-on-year to Rs 6238 crore in FY2019 due to decrease in equity and liquid AUMs. The company had recorded a loss of Rs4.34 crore in FY2019 from a year-earlier profit of Rs 8 crore. Revenue from operations fell 25% yoy to about Rs 60 crore. IDBI Bank is seeking to sell non-core assets, including equity stakes.