<article>HDFC Ltd on Tuesday announced that the Registrar of Companies (RoC) has approved the initial public offering of its subsidiary HDFC Asset Management Company Limited (HDFC AMC).</article>

HDFC Ltd on Tuesday announced that the Registrar of Companies (RoC) has approved the initial public offering of its subsidiary HDFC Asset Management Company Limited (HDFC AMC).
The subsidiary had filed the draft red herring prospectus with RoC on July 13. The IPO will open for subscription by anchor investors on July 24, while the issue will open to public on July 25 for three days, it said in a BSE filing.
The price band for the IPO has been fixed at Rs.1,095 to Rs.1 ,100 per equity share, and that the minimum bid lot for the IPO has been fixed at 13 equity shares and applications may be made in multiples of 13 equity shares thereafter, the filing added.
The IPO may garner HDFC AMC Rs 3,500 crore, as per media reports.
In March this year, the board of directors of the corporation had approved offering up to 85,92,970 equity shares of Rs. 5 each of HDFC AMC representing 4.08 per cent of its then existing issued and paid-up equity share capital, by way of an offer for sale in the proposed IPO.
This will be the second IPO by an Indian mutual fund after Reliance Nippon Asset Management raised Rs 1,540 crore in November.
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The IPO will open for subscription by anchor investors on July 24, while the issue will open to public on July 25 for three days.

India: RoC clears way for HDFC AMC's IPO, issue to open on July 25

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India: RoC clears way for HDFC AMC's IPO, issue to open on July 25

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