Housing Development Finance Corporation Ltd (HDFC) has approved to offer a part of its shareholding in HDFC Asset Management Company Limited (HDFC AMC), a subsidiary of the corporation, through offer for sale in the initial public offer (IPO) of HDFC AMC subject to market conditions as well as receipt of various applicable approvals including that of Securities and Exchange Board of India.
As on September 30, 2017, the corporation held 57.36% of the issued and paid-up capital of HDFC AMC.
HDFC and Standard Life Investments Limited (SLI) have also, in principle, approved the dilution in tranches. The shareholding of HDFC and SLI in HDFC AMC will be at least 50.01% and 24.99% respectively.
Shares of HOUSING DEVELOPMENT FINANCE CORP.LTD. was last trading in BSE at Rs.1702.9 as compared to the previous close of Rs. 1725.55. The total number of shares traded during the day was 60018 in over 1223 trades.
The stock hit an intraday high of Rs. 1730.5 and intraday low of 1700. The net turnover during the day was Rs. 102557485.