Sebi gave its assent after distributors and financial advisers who had received shares from an exclusive share sale ahead of the IPO sold them to private equity
firm KKR.

Capital market regulator Sebi has approved the highly-anticipated initial public offering (IPO) of the HDFC Asset Management Company, as per news reports. This
was once the regulator’s conditions were fulfilled.

Sebi gave its assent after distributors and financial advisers who had received shares from an exclusive share sale ahead of the IPO sold them to private equity
firm KKR. Thus, KKR acquired 1.44mn shares of the asset management company at about Rs150cr and 12% interest.

The country’s second largest mutual fund’s IPO will probably hit the market in the last week of July after completion of other regulatory formalities.

Reportedly, HDFC MF will be the second asset management company to go in for listing after Reliance Nippon MF. HDFC MF is jointly held by HDFC and Standard
Life Investments, with 60% and 40% stake, respectively.

source: indiainfoline.com