HDFC Asset Management Co. Ltd. approved initiating the process for an IPO.
Housing Development Finance Corp. Ltd. and Standard Life Investment Ltd. have also, in principle, approved the IPO, according to a Nov. 30 release.
Following the IPO, HDFC's stake in HDFC Asset Management will be at least 50.01%, while Standard Life Investment's stake will be at least 24.99%. The size of the offer, price and other details of the proposed IPO will be determined in due course.
Deepak Parekh, chairman of HDFC, previously said that the company will list the asset management unit "in the first quarter."
In addition, Standard Life Aberdeen Plc, the ultimate parent company of Standard Life Investment, HDFC and HDFC Asset Management plan to enter into a collaboration agreement to work together to develop new products in India.
