HDFC AMC to see a new Board of directors and trustees soon
Mutual fund company HDFC Asset Management Co Ltd (AMC), which aims to raise around Rs 2,800 crore through an initial public offer, will see a new set of Board of directors and trustees in the next 18 months.
)
10:08 AM IST
Mutual fund company HDFC Asset Management Co Ltd (AMC), which aims to raise around Rs 2,800 crore through an initial public offer, will see a new set of Board of directors and trustees in the next 18 months. HDFC AMC non-executive director and chairman Deepak Parekh said the company has to ensure that it has the best governance standards and there is “total transparency”.
“We have to look at our own ships, we have to look at our own norms,” he said.
According to him, though it has a “good Board” but the members have been there for a long time.
“Next year or in 18 months we will have a set of new directors as well as trustees,” he said, adding that the trustees have a greater responsibility of ensuring that the governance standards are transparent.
A subsidiary of Housing Development Finance Corporation, HDFC AMC’s initial public offer will be open for subscription from July 24 to 27.
The price band has been fixed at Rs 1,095-1,100 per share.
Watch this Zee Business video here:
Currently there are two promoters - HDFC and Standard Life Investments with a shareholding of 56.97% and 37.98%, respecitvely.
Post public issue, HDFC’s shareholding will be reduced to 52.92%, while Standard Life’s stake will be down to 30.03%. Of the estimated Rs 2,800 crore the fund is looking to raise, about Rs 945 crore will go to HDFC and the rest to Standard Life.
As per draft red herring prospectus filed with Securities and Exchange Board of India (Sebi), 25,457,555 equity shares consisting of an offer for sale of up to 85,92,970 equity shares by HDFC and up to 16,864,585 shares by Standard Life Investments. Bids can be made for a minimum lot of 13 equity shares and in multiples of 13 equity shares thereafter.
Source: DNA Money
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
)
Power of Rs 10,00,000 One-time Investment: How your Rs 10 lakh investment can turn into Rs 3 crore, Rs 4.47 crore, and Rs 6.63 crore in 30 years
)
Power of Rs 13,000 SIP: How many years will it take to generate Rs 9,00,00,000 corpus with just Rs 13,000 monthly investment?
)
8th CPC Salary Calculations: What can be revised basic pay for Grade Pay 1800, 2400, 2800 and 4200 employees at 1.92, 2.08 and 2.28 fitment factors?
)
8th Pay Commission Pension Calculations: How your Rs 20,200, Rs 25,250, Rs 34,000, and Rs 44,200 basic pension can be revised at 2.10-2.50 fitment factors (detailed charts)
10:08 AM IST