GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

HDFC Mutual Fund Gets Sebi Go-ahead for Initial Public Offering

The company had filed draft papers with Securities and Exchange Board of India (Sebi) in March and received its "observations" on June 22, as per the latest update with the markets watchdog.

PTI

Updated:June 28, 2018, 8:12 PM IST
facebookTwittergoogleskypewhatsapp
HDFC Mutual Fund Gets Sebi Go-ahead for Initial Public Offering
(Photo: Reuters)
Loading...
New Delhi: HDFC Asset Management Company, the country's largest mutual fund firm, has received Sebi's go-ahead to float an initial public offer.

The company had filed draft papers with Securities and Exchange Board of India (Sebi) in March and received its "observations" on June 22, as per the latest update with the markets watchdog.

Sebi's observations are necessary for any company to launch public issues like rights issue, initial public offer (IPO) and follow-on public offer (FPO).

HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Investments.

Going by the draft papers, the proposed IPO offers up to 2.54 crore equity shares of the fund house through an offer for sale of 85.92 lakh shares by HDFC and up to 1.68 crore shares by Standard Life.

The offer comprises a net offer to public of up to 2.21 crore equity shares, a reservation of up to 3.20 lakh shares for purchase by eligible HDFC AMC employees. Besides, 24 lakh shares have been reserved for eligible HDFC shareholders.

Earlier, the regulator had kept HDFC AMC's proposed IPO in abeyance for examination of past violations.

HDFC AMC, which has a total asset under management of more than Rs 3 lakh crore at the end of March, may become the second AMC to hit the markets after Reliance Nippon Life AMC.

Nomura Financial Advisory and Securities (India), Kotak Mahindra Capital, Axis Capital, BofA Merrill Lynch, Citigroup Global Markets India, CLSA India, HDFC Bank, ICICI Securities, IIFL Holdings, JM Financial, JP Morgan India, Morgan Stanley India are the book running lead managers to the issue.

Apart from HDFC AMC, Sebi has so far this month given clearance to six other companies - Genius Consultants, Varroc Engineering, CreditAccess Grameen, Sandhya Marines, Atria Convergence Technologies and Nekkanti Sea Foods-- to launch IPOs. In all, 27 firms have been given the go-ahead for initial share-sale this year.

The public issue of Varroc Engineering, which is underway, will close on Thursday.
| Edited by: Padmaja Venkataraman
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Jet Airways 340.60 6.14
Yes Bank 189.65 -7.87
Reliance 1,124.00 2.48
ICICI Bank 365.95 -1.09
HDFC Bank 2,000.60 1.29
Company Price Change %Gain
Jet Airways 341.20 6.31
Mindtree 837.50 -0.14
Yes Bank 190.20 -7.67
HDFC 1,875.70 1.27
Reliance 1,124.00 2.47
Top Gainers
Company Price Change %Gain
Bharti Airtel 326.65 7.31
Grasim 831.75 2.85
Reliance 1,123.90 2.47
HCL Tech 1,011.05 2.26
Eicher Motors 24,438.90 2.06
Company Price Change %Gain
Bharti Airtel 326.90 7.60
Reliance 1,124.00 2.47
SBI 289.10 1.33
ITC 277.65 1.17
HDFC Bank 1,999.20 1.27
Top Losers
Company Price Change %Gain
Yes Bank 189.65 -7.87
Indiabulls Hsg 757.90 -5.83
HPCL 241.30 -3.13
Tata Steel 571.60 -3.01
JSW Steel 334.15 -3.03
Company Price Change %Gain
Yes Bank 190.20 -7.67
Tata Steel 571.70 -2.88
Maruti Suzuki 7,333.00 -2.00
ONGC 155.40 -2.20
Infosys 647.75 -1.31

Live TV

Loading...
Loading...