Pramerica, HDFC Asset Bid for Fidelity India Unit, Mint Says

Pramerica Asset Managers Pvt., a unit of U.S.-based Prudential Financial Inc., and HDFC Asset Management Co. are leading the bid for the Indian assets of Fidelity mutual fund, the Mint newspaper reported, citing two people with direct knowledge of the deal.

HDFC and Pramerica have been shortlisted out of about 20 bidders with their bids ranging between 4 billion rupees ($80 million) and 5 billion rupees, the paper reported. The bids value Fidelity at 4 percent to 5 percent of its average assets, the newspaper said.

Source: http://www.bloomberg.com/news/2012-03-19/pramerica-hdfc-asset-bid-for-fidelity-india-unit-mint-says.html