Mortgage lender Housing Development Finance Corp. Ltd (HDFC) on Tuesday said it will sell over 4% stake in its asset management arm HDFC Asset Management Co. Ltd (HDFC AMC) through an initial public offer (IPO).
It said in a regulatory filing that the committee of directors set up by the HDFC board has approved offering up to 8,592,970 equity shares of HDFC AMC at Rs5 each, representing 4.08% of the paid-up share capital, for sale in the IPO.