new delhimumbai kkrbacked homegrown financial services firm avendus capital has made a nonbinding offer to buy idfc asset management company amc for about rs 3300 crore people directly aware of the matter have said idfc is running a sale process to divest the amc which manages the countrys twelfth largest mutual fund with assets of around 10 billion idfc is fielding four offers and is expected to decide on the sale by augustend the final round of bidders including avendus are in the midst of due diligence and holding meetings with idfc management before arriving at a final valuation idfc is expecting between rs 3500 crore and rs 4000 crore or around 5 of the assets under management aum as the deal valuation citic clsa apax partners warburg pincus true north bain capital and indusind bank had shown early interest though many of them dropped out subsequently toi first reported on idfc starting talks to sell the asset management business on march 22 this year the valueunlocking move comes when idfc which controls idfc bank through a nonoperating financial holding company has a beatendown market value of about 11 billion or rs 7100 crore idfc bank is in the midst of a merger process with nonbanking finance company nbfc capital first idfc shares traded up marginally at rs 46 apiece in a buoyant mumbai marketwhen contacted idfc and avendus declined to commentthe average aum of the domestic mutual fund industry stood at rs 234 lakh crore in the juneended quarter rising 20 from the yearago period the relatively low penetration levels and a rapidly digitising financial services sector are expected to accelerate growth of mfs which has risen fourfold from just rs 5 lakh crore a decade agoavendus cofounded by ranu vohra gaurav deepak and kaushal aggarwal is transforming from an investment bank into a fullfledged financial services firm the biggest deal maker to indian internet companies is accelerating the buildup of private wealth and alternate asset management besides rolling out an nbfc unit offering credit solutions to emerging companies in asset management avendus alternate strategies has emerged as the first indiabred hedge fund house with more than 1 billion in aum after it acquired the offshore manager ocean dial avendus wealth management unit now has over 3 billion in assets idfc asset management company was established in the year 2008 after idfc bought stanchart asset management for rs 820 crore paying 56 of the value of aum stanchart had got the mutual fund subsidiary as part of its deal to acquire anz grindlays bank in 2000