HDFC Asset Management Company Limited to form subsidiary in GIFT City, Gujarat

The Board of Directors of HDFC Asset Management Company Limited at its meeting held today, has approved incorporation of a wholly owned subsidiary of the Company in Gujarat International Finance Tec-City (Gift City), State Gujarat in the name and style of HDFC AMC IFSC Limited or HDFC AMC International (IFSC) Limited or such other name as may be approved by the Registrar of Companies.

The proposed wholly owned subsidiary will, inter-alia, undertake the business of acting as an Investment Manager to the scheme(s) to be launched under Alternative Investment Fund (AIFs) from time to time, international funds, provide other investment advisory services and offer separately managed accounts, subject to the approval of SEBI, RBI, International Financial Services Centres Authority (IFSCA) and Ministry of Corporate Affairs (MCA).

Shares of HDFC Asset Management Company Limited was last trading in BSE at Rs. 2487.60 as compared to the previous close of Rs. 2515.95. The total number of shares traded during the day was 21656 in over 4546 trades.

The stock hit an intraday high of Rs. 2514.70 and intraday low of 2477.10. The net turnover during the day was Rs. 53957212.00.

Source : Equity Bulls

Keywords

HDFCAssetManagementCompany INE127D01025 HDFCAMC Subsidiary GIFTCity Gujarat