News Digest

01 December 2017
HDFC, Standard Life to dilute stake in AMC unit th

HDFC Asset Management Co. Ltd (HDFC AMC), the asset management business of mortgage lender HDFC Ltd, on Thursday said its board has approved its proposed initial public offering (IPO). The IPO is subject to relevant corporate, regulatory and other applicable approvals, the company said in a statement. In the proposed share sale, both the shareholders of the AMC—Housing Development Finance Corp. Ltd (HDFC) and Standard Life Investments Ltd—will sell parts of their stakes to the public. HDFC and Standard Life plan to dilute their shareholding to at least 50.01% and 24.99% respectively, through dilution in one or more tranches. As of 30 September, HDFC held a 57.36% stake in the company.

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