Housing Development Finance Corp. Ltd. and Standard Life Aberdeen Plc will offer up to 12.09% of HDFC Asset Management Co. Ltd.'s share capital in the asset manager's IPO.
HDFC said March 13 that it will offer up to 8,592,970 equity shares in HDFC Asset Management at 5 Indian rupees each, representing 4.08% of the unit's issued shares. Its stake in HDFC Asset Management after the listing will remain at 50.01% and above.
Meanwhile, Standard Life Aberdeen said in a same-day release that Standard Life Investments Ltd. will offer up to 8.01% stake in HDFC Asset Management. Should the entire shareholding be sold in the IPO, it will hold 30.23% of the asset manager.
As of March 13, US$1 was equivalent to 64.76 Indian rupees.
