Housing Development Finance Corporation (HDFC) has approved to offer a part of its shareholding in HDFC Asset Management Company (HDFC AMC), a subsidiary of the company, through Offer for Sale in the initial public offer (IPO) of HDFC AMC subject to market conditions as well as receipt of various applicable approvals including that of Securities and Exchange Board of India.
The board of directors of HDFC AMC has approved initiating the process for an IPO, subject to relevant corporate, regulatory and other approvals as required. HDFC and Standard Life Investments (SLI) have also, in principle, approved the IPO of HDFC AMC by offering shares to the public in one or more tranches.
Post such dilution in tranches, the shareholding of HDFC and SLI in HDFC AMC will be at least 50.01% and 24.99%, respectively.
