KKR picks up stake in HDFC Mutual Fund ahead of its much-awaited IPO

KKR offers to buy shares allotted to distributors

Global private equity major KKR has picked up a stake in HDFC Mutual Fund (MF), the country’s leading asset management company (AMC), ahead of its much-awaited initial public offering (IPO). According to sources, KKR has acquired 1.44 million shares worth over Rs 1.5 billion from a clutch of distributors and financial advisers who were made pre-IPO placement by the fund house in April.

Last week, the Securities and Exchange Board of India (Sebi) directed HDFC MF to cancel the allotment it made to distributors and return the money along with an interest of 12 per cent per annum.