(Reuters) - The board of HDFC Asset Management Co Ltd on Thursday gave its approval to begin the process for launching an initial public offering (IPO) of India’s second-biggest mutual fund manager by assets, according to a stock exchange filing.
Standard Life Aberdeen Plc and mortgage lender Housing Development Finance Corp Ltd will own a minimum 24.99 percent and 50.01 percent, respectively, in HDFC AMC post IPO, subject to regulatory approvals. bit.ly/2ka9egX
HDFC AMC’s IPO follows that of smaller rival Reliance Nippon Life Asset Management Ltd, which was the first mutual fund house in the country to go public.
Indian mutual fund managers have seen their assets under management surging to record levels this year on the back of stronger stock markets and as more people opt for financial instruments over physical savings.
HDFC AMC had about 2.7 trillion rupees ($42 billion) in average assets under management for the quarter ended September.
($1 = 64.4700 Indian rupees)
Reporting by Vishal Sridhar in Bengaluru; Editing by Vyas Mohan