HDFC AMC files IPO papers with SEBI

HDFC AMC files IPO papers with SEBI

New Delhi, Mar 15: HDFC AMC, a subsidiary of Housing Development Finance Corporation, has filed a draft red herring prospectus for initial public offering with the capital market regulator Securities & Exchange Board of India on Thursday.
“The public offer is of up to 2,54,57,555 equity shares of HDFC Asset Management Company, which consists of an offer for sale of 85,92,970 equity shares by parent company HDFC and 1,68,64,585 shares by other promoter Standard Life Investments Limited,” the country’s largest housing finance company said in its filing.
It further said out of total issue size, up to 3.2 lakh shares are reserved for HDFC AMC employees and up to 5.6 lakh shares are for HDFC employees. “Up to 24 lakh shares are reserved for purchase by individual and Hindu Undivided Family shareholders of HDFC as of March 14.”
The IPO also included proposed reservations of up to 7.2 lakh shares in favour of empanelled distribution partners of HDFC AMC in India, subject to regulatory approvals.
This would be the second IPO from housing finance company HDFC since 2017. HDFC Standard Life Insurance Company had launched its IPO in November 2017.