Parent HDFC to shed part holding in the AMC.
CHENNAI: HDFC Asset Management Company Limited ( HDFC AMC) is set for an initial public offer (IPO).
This follows the decision of Housing Development Finance Corporation Ltd. to offload part of its holding in the AMC.
A committee of directors, constituted by the board of HDFC, has given its approval for offering 85,92,970 shares of Rs. 5 each of HDFC AMC for the public.
This represents 4.08% of the paid-up and issued share capital of HDFC AMC.
HDFC has already indicated that its holding in the AMC will remain at least 50.01% post any dilution.
The IPO is, however, subject to various regulatory approvals, HDFC said in a filing with the BSE.