Equity Market

HDFC AMC IPO hits Capital Market this week

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HDFC Asset Management Company is expected to report stellar growth performance in the long run at par with its listed group companies.

India’s second-largest fund house by assets under management, HDFC AMC, the subsidiary of Housing Development Finance Corpn (HDFC) is planning to raise around Rs 2,800 crore from its IPO, making it the fifth listed entity from HDFC group.

The anchor investor portion of the IPO will be open for subscription on 24 July 2018 whereas retail investors can start subscribing to the offer from 25 July 2018. The issue closes on Friday, July 27, 2018.

HDFC AMC IPO offers up to 2.54 crore equity shares of the fund house through an offer for sale (OFS) of 4.08% stake (85.92 lakh shares) by HDFC and up to 7.95% holding (1.68 crore shares) by Standard Life.

The shares will be listed both on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

Presently, HDFC Asset Management Company has 60,000 em panelled distribution partners across India. The Company is expected to report strong growth performance in the long run matching with its peers.

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Govt Approves 10 FDI Proposals of Rs 5000 Cr – MoneyMaker Research

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Govt Approves 10 FDI Proposals of Rs 5000 CrThe government sanctioned ten foreign direct investment proposals amounting to Rs 5,000 crore for food product and single brand retail trading, including those of Amazon, Grofers and Urban Ladder.

The DIPP (Dept of Industrial Policy & Promotion) also rejected 4 applications, while another 6 applications were either closed or withdrawn. DIPP uploaded the details on the foreign investment facilitation portal on Thursday, 25 August 2017.

Amazon got the proceed to set up a subsidiary company in India with 100 percent foreign direct investment to engage in the business of retail trading of food products produced locally. Its proposal is to invest Rs 3500 crore.

Grofers proposal to undertake retail trading, including via e-commerce, of food products produced or manufactured in India with 100 percent FDI, which has also been sanctioned. The cleared proposals further include MTR Foods. Grofers is also expected to bring in USD 25 million.