Board of HDFC AMC agrees for incorporation of a wholly-owned subsidiary in GIFT City
In its regulatory filing, HDFC AMC outlined that 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).
HDFC's asset management company, HDFC AMC has received board of directors approval for incorporating 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.
HDFC AMC will hold 100% shareholding in the new subsidiary and HDFC AMC was trading at Rs2471 per piece down by Rs16.60 or 0.7% on Sensex.