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HDFC MF board gives nod for IPO

November 30, 2017
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HDFC Asset Management Company (commonly referred as HDFC MF) could soon become the second asset manager to go public. The country’s second-largest mutual fund (MF) on Thursday got its board approval to initiate the process to go public. HDFC MF is backed by country’s largest mortgage lender Housing Development Finance Corporation (HDFC) and global investment firm Standard Life.The board has “approved initiating the process for an initial public offering (IPO), subject to relevant corporate, regulatory and other approvals as applicable/required,” the fund house said in a statement. HDFC MF’s board is chaired by Deepak Parekh.The fund house said major shareholders HDFC and Standard Life too have given in-principle nod for the IPO. It is likely that both the stakeholders will pare their holdings in the IPO. HDFC MF said the HDFC and Standard Life intend to maintain their shareholding in the fund house above 50 per cent and 25 per cent.”We believe that the listing would unlock value of …

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