INSUBCONTINENT EXCLUSIVE:
firm KKR.
Earlier this month, Sebi had directed HDFC AMC to scrap the share placement to the financial advisers and distributors to rule out
The IPO is likely to hit the market in the last week of July after completion of other regulatory formalities, said a person aware of the
Phone calls to a spokesperson of HDFC AMC went unanswered.
KKR Bought 1.44 million SharesShares worth about Rs 150 crore had been sold to
140 distributors and financial advisers at Rs 1,050 apiece in April
will be the second by an Indian mutual fund after Reliance Nippon Asset Management raised Rs 1,540 crore in November
That issue was subscribed 81 times
The size of the upcoming IPO by HDFC AMC is likely to be Rs 3,000-3,500 crore
About 25.4 million equity shares will be on offer, of which 320,000 will be reserved for employees and 2.4 million for HDFC
shareholders.
HDFC AMC is 60% owned by HDFC while Standard Life Investments holds the rest
Both will sell about 5% stake each in the IPO.
HDFC AMC is the most profitable domestic asset management company
Its net profit for the year ended March was Rs 722.61crore, an increase of 31% from Rs 550.24 crore a year ago.
