HDFC MF 2nd fund house to list

HDFC MF 2nd fund house to list”

On Thursday, the board of directors of HDFC MF, the second-largest mutual fund in India in terms of assets under management (AUM), approved starting the process to list the fund house through an IPO, a release from the company said.

HDFC's ownership in its mutual fund arm stood at 57.36% at the end of September 2017, compared with 59.99% at the end of fiscal 2016-17. HDFC AMC will continue to operate as its subsidiary, it added.

Post dilution of stake in the asset management company, HDFC will hold at least 50.01% stake. The net turnover during the day was Rs. 102557485.

Deepak Parekh, Chairman, HDFC AMC, said the listing would unlock value for the shareholders and provide investors an opportunity to participate in the emerging asset management space within the group. HDFC and HDFC AMC will also work together towards developing new products, it said. "The size of the offer, price and other details of the proposed IPO will be determined in due course", HDFC said in the filing. HDFC AMC manages an Rs 2,69,781 crore assets of which Rs 1,19,159 crore are in equity-oriented funds for the quarter ending September. 1,588 crore and profit after tax of?

HDFC AMC will be India's second mutual fund to go public. Ltd-public earlier this year in a Rs5,700 crore IPO, while the country's largest lender diluted an 8% stake in the IPO of its insurance business-SBI Life Insurance Co. Ltd.

Till October 2017, 30 companies raised Rs47,099.23 crore through the IPO route, according to data from primary market tracker Prime Database.

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