HDFC Mutual Fund gets Sebi go-ahead to float initial public offer
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.
HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Investments. Image source: Reuters