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HDFC Ltd will sell over 4% stake in HDFC AMC, which is its asset management arm via an initial public offer (IPO).
In a regulatory filing the company said that, the Committee of Directors set up by the HDFC board has given approval to offer up to 85,92,970 equity shares of Rs.5 each of HDFC AMC, constituitng 4.08% of the paid up share capital, for sale in the IPO.
Furthermore, by the end of March 2017, HDFC held 59.99% shares in HDFC AMC and post-IPO HDFC AMC will continue to be a subsidiary of HDFC.
