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HDFC, Standard Life Aberdeen to sell 12.09% stake in HDFC Asset Management IPO

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HDFC, Standard Life Aberdeen to sell 12.09% stake in HDFC Asset Management IPO

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.