HDFC MF gets Sebi go-ahead for IPO after nearly two months on backburner

It will be entirely an offer for sale by promoter HDFC and UK’s Standard Life, who currently hold 57% and 38% respectively.

Stock Market News » HDFC Mutual Fund has obtained a go-ahead to launch its initial public offering (IPO), two investment bankers handling the issue said. “Sebi has issued final observation on the offer document. The company will have to respond to the market regulator,” said an investment banker, adding that the asset manager is looking to launch its IPO in the second or third week of July.

HDFC MF couldn’t be immediately reached for a confirmation. The processing status of draft offer documents filed with Sebi, uploaded on June 22, featured names of 26 companies that are awaiting approval. The list didn’t include the name of HDFC MF.

Among the companies awaiting a nod for their IPO include Lodha Developers, Mazagon Dock and Srei Equipment Finance. As per Sebi’s website, the IPO of Lodha Developers, country’s leading real estate company, has been “kept in abeyance for examination of past violations.”

According to an update on Sebi’s website on April 27, HDFC MF’s IPO was kept abeyance for past violations. “Sebi needed clarity on some issues, which were provided to them,” said a banker. Nomura, Kotak Mahindra Capital, Axis Capital, BofA Merrill Lynch, Citigroup, CLSA India, HDFC Bank, ICICI Securities, IIFL Holdings, JM Financial, JP Morgan and Morgan Stanley are the investment banks handling HDFC MF’s IPO.

HDFC MF’s IPO will be the second by a domestic asset manager after Reliance Nippon MF. HDFC MF’s offering will be entirely an offer for sale by promoter HDFC and UK’s Standard Life, who currently hold 57 per cent and 38 per cent respectively. In the IPO, HDFC is selling 4 per cent and Standard Life is offloading 8 per cent stake. The IPO size is expected between Rs 35 billion and Rs 38 billion. The maiden offering could value the asset manager at Rs 307 billion.

HDFC MF currently manages assets worth over Rs 3 trillion making it the second-biggest fund house in the country after ICICI Prudential MF.

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HDFC too matches SBI, ICICI's home loan rates at 8.35%

In HDFC, new rates are applicable up to limit of Rs 30 lakh

 

Breaking News : The war for attracting customers for Affordable housing loans intensified on Monday after ICICI Bank and HDFC Ltd. reduced their interest rates by up to 0.3 per cent for loans of up to Rs 30 lakh to promote affordable housing.

New home loans rates for up to Rs 30 lakh for women will be 8.35 per cent and for other others, 8.40 per cent, mortgage lender HDFC Ltd said in a statement.

For home loans above Rs 75 lakh it is now 8.55 per cent, from 8.75 per cent for all, it said. The new rates are effective from Monday and are expected to be followed other lenders as well.

Earlier in the day, the country’s largest private sector lender, ICICI Bank too reduced interest rates by up to 0.3 per cent for home loans up to Rs 30 lakh in its bid to boost affordable housing. With this reduction, salaried borrowers can avail home loans at among the lowest rates in the industry, the country’s largest private sector lender said.

Salaried women borrowers will get home loans at 8.35 per cent and others at 8.40 per cent, it said.

Last week, State Bank of India (SBI) had reduced its affordable home loan rates by up to 25 basis points, offering a lower rate of 8.35 per cent to new women borrowers (read more...)

Free withdrawal days are over: ICICI, Axis, HDFC Bank restore cash charges

The new charges would apply to savings as well as salary accounts effective from today

 Breaking News - Some banks, including HDFC Bank, have begun charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.

The new charges would apply to savings as well as salary accounts effective from today, leading private sector player HDFC Bank said in a circular.

 

The bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn effective today, the circular added.

Read Source: Pay Rs 150 After 4 Cash Transactions In A Month At HDFC Bank, ICICI, Axis

 In the case of several banks, including ICICI Bank and Axis Bank, these charges came into effect early in January and are same as they were before the demonetisation move announced on November 8, while there is an increase in such fees in case of some others, including HDFC Bank, today onwards.

These charges are for cash transactions in the branches, and not through ATMs.

The move was seen in some quarters as aimed at discouraging cash transactions and furthering the digital payment drive.

 

For the basic no-frills accounts, maximum four cash withdrawals would continue to remain free and there would be no fees for cash deposits.(read more...)

Pay Rs 150 after 4 cash transactions in a month at HDFC Bank, ICICI, Axis

The bank would also cap the third party cash transactions at Rs 25,000 per day

 

Breaking News -  Banks including HDFC Bank, ICICI Bank and Axis Bank today began charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.

The charges would apply to savings as well as salary accounts effective from today, leading private sector player HDFC Bank said in a circular.

The bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn effective today, the circular added.

The move was seen in some quarters as aimed at discouraging cash transactions and furthering the digital payment drive.

Also Read: Free Withdrawal Days Are Over: ICICI, Axis, HDFC Bank Restore Cash Charges

For the basic no-frills accounts, maximum four cash withdrawals would continue to remain free and there would be no fees for cash deposits.

In case of ICICI Bank, the charges are same as they were before the demonetisation move announced on November 8, while there is an increase in such fees in case of some others.

According to details on ICICI Bank website, there will be no charge for first four transactions a month in home branch while Rs 5 per thousand rupees would be charged thereafter subject to a minimum of Rs 150 in the same month. (read more...)

7 out of top 10 fund picks rise 17%

Seven out of top 10 stock picks by India’s equity fund managers have gained 17 per cent so far in 2016. This has helped equity schemes outperform the key indices. 

Notably, fund managers have not churned their top holdings in their schemes’ portfolios. They continued to have the same set of stocks on their top list, although the position of the stocks changed a bit.

HDFC Bank, Infosys, ICICI Bank, Larsen & Toubro (L&T), Axis Bank, State Bank of India (SBI), Maruti Suzuki, Reliance Industries, IndusInd Bank, and Sun Pharmaceuticals are the most-owned stocks by fund managers. These counters have cornered nearly Rs 1.05 lakh crore of the total assets of open-end equity schemes.

At a time when benchmark key indices have gained 9.3 per cent, a majority of the top stock picks have outperformed with a wide margin.

Axis Bank has emerged the biggest hit among the top holdings. The stock has gained a hefty 33.3 per cent in 2016. It was followed by IndusInd Bank (22.5 per cent), HDFC Bank (18.6 per cent) and  read more..