Financial Daily from THE HINDU group of publications
Sunday, Mar 16, 2003
Financial Daily from THE HINDU group of publications Sunday, Mar 16, 2003 |
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Mergers & Acquisitions Markets - Asset Management Companies Money & Banking - Housing Finance HDFC to sell 10% AMC stake to Standard Life Our Bureau
MUMBAI, March 15 HOUSING Development Finance Corporation Ltd (HDFC) has decided to sell 10 per cent of its stake in its joint venture asset management company (AMC) to its foreign partner - Standard Life UK - and invest up to Rs 65 crore additional capital in the AMC to facilitate an acquisition. The company today informed stock exchanges that infusion of additional capital into the AMC will be either in the form of equity or preference shares. HDFC board, which met today, has decided to sell 10 per cent of its stake in the HDFC Asset Management Company to its partner Standard Life of UK. With this, the UK partner will hold 49.9 per cent and HDFC 51.1 per cent in HDFC Asset Management Company. The company has not given details of its proposed acquisition by the AMC.
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