Mumbai, Nov 30 (PTI) HDFC today said its boardapproved an IPO for its asset management arm HDFC AMC.
A statement from HDFC said it has also received in-principle approval its overseas partner Standard LifeInvestments for the IPO, which would be done through sharesale to the public in one or more tranches.
"We believe that listing would unlock value of the businessfor the shareholders and provide investors an opportunity toparticipate in the emerging asset management space within ourgroup," HDFC AMC chairman Deepak Parekh said in a statement.
Post-dilution in tranches, shareholding of HDFC and StandardLife Investments in HDFC AMC will be at least 50.01 per centand 24.99 per cent, respectively, it said.
Standard Life Aberdeen Plc (SLI's parent company), HDFC andHDFC AMC will also work together towards developing newproducts, it said.
HDFC AMC manages an Rs 2,69,781 crore assets of which Rs1,19,159 crore are in equity-oriented funds for the quarterending September.
Fiscal 2018 has seen many insurance companies tapping thecapital markets through IPOs. While two state-run generalinsurers-GIC Re and New India Assurance got listed in thesecond quarter with mega issues, from the private sector side,SBI Life, ICICI Prudential Life, ICICI Lombard, Reliance Lifeand HDFC Life also went public during the year. PTI HV BENBEN.
This is unedited, unformatted feed from the Press Trust of India wire.