"The company is in receipt of letter from abrdn Investment Management, one of the promoters holding 10.21 per cent of the paid-up share capital of the company, intimating their intention to sell the entire stake in the Company subject to applicable regulatory provisions," HDFC AMC said. READ MORE
Consequent to the proposed stake sale, abrdn Investment Management Limited will cease to be a co-sponsor of HDFC Mutual Fund under SEBI (Mutual Funds) Regulations, 1996, HDFC AMC added.
abrdn Investment Management is to place up to 21.12 million shares (i.e. 9.9 per cent) with a single buyer with the rest being sold separately, subject to feasibility.
In August, abrdn had divested 5.58 per cent stake in HDFC AMC for over Rs 2,300 crore through an open market transaction.
To read the full story, Subscribe Now at just Rs 249 a month
Already a subscriber? Log in
Subscribe To BS Premium
₹249
Renews automatically
₹1699₹1999
Opt for auto renewal and save Rs. 300 Renews automatically
₹1999
What you get on BS Premium?
- Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
- Pick your 5 favourite companies, get a daily email with all news updates on them.
- Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
- Preferential invites to Business Standard events.
- Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
Need More Information - write to us at assist@bsmail.in