HDFC Mutual Fund, which is the second-largest asset management company (AMC) in India in assets, sold a sizeable portion of its real estate papers in some of its schemes to a firm, which is part of the HDFC group. The move was led by pressure from unit holders, who voiced worries over the AMC's significant exposure to the beleaguered sector, as well as the quality of some of the real estate papers. HDFC Mutual Fund whose initial public offer is mulled for next fiscal has sold real estate paper worth Rs 650 crore to the group entity, though it is not clear whether these securities were part of the fixed maturity plans (FMPs) or liquid schemes.
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