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HDFC board approves HDFC AMC IPO, to hold 50% post public offer

HDFC AMC had about $42 billion in average assets under management for the quarter ended September

Reuters 

TheboardofHDFCAssetManagementCoLtdonThursdaygaveitsapprovaltobegintheprocessforlaunchinganinitialpublicoffering(IPO)ofIndia’ssecond-biggestmutualfundmanagerbyassets,accordingtoastockexchangefiling. StandardLifeAberdeenPlcandmortgagelenderHousingDevelopmentFinanceCorpLtdwillownaminimum24.99percentand50.01percent,respectively,inHDFCAMCpostIPO,subjecttoregulatoryapprovals. HDFCAMC’sIPOfollowsthatofsmallerrivalRelianceNipponLifeAssetManagementLtd,whichwasthefirstmutualfundhouseinthe ...

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First Published: Thu, March 15 2018. 22:43 IST
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