HDFC AMC's Rs 2,800-cr IPO: Promoters to dilute 12.01% in asset management company
FirstpostWith the HDFC AMC listing, the HDFC group has five publicly traded companies - HDFC, HDFC Bank, HDFC Life and Gruh Finance Mumbai: HDFC Asset Management Company, the second largest fund house, on Wednesday said its promoters will dilute 12.01 percent stake through the Rs 2,800-crore offer-for-sale issue that opens on July 25 at a price band of Rs 1,095-1,100 per share. While main promoter HDFC will dilute 4.08 percent to the public through the offer, foreign partner Standard Life will sell 8.1 percent of its holding in the fund house that is the largest among the private players when it comes to equity investment. Deepak Parekh, the chairman of HDFC Group, said the offer and the net offer constitute 12.01 percent and 10.46 percent of post-offer paid-up equity capital, respectively. With 13 percent market pie, HDFC AMC is the second largest fund house in the private sector, just behind ICICI Prudential AMC which has 13.3 percent market share.