HDFC to sell 4% stake in asset management arm through IPO

NEW DELHI: Mortgage lender HDFC on Tuesday said it will sell over 4 per cent stake in its asset management arm HDFC AMC through initial public offer (IPO). The Committee of Directors set up by the HDFC board has approved offering up to 85,92,970 equity shares of Rs 5 each of HDFC AMC, representing 4.08 per cent of the paid-up share capital, for sale in the IPO.