 "Promoter Abrdn Investment Mgmt sells 5.6% stake in HDFC AMC for Rs 2,300 cr")
Promoter Abrdn Investment Management, formerly Standard Life Investments, on Tuesday divested its 5.58 per cent stake in HDFC Asset Management Company (AMC) for a little over Rs 2,300 crore through an open market transaction.
According to bulk deal data available with the BSE, the promoter sold a total of 1.19 crore shares, representing a 5.58 per cent stake, of the asset management company.
The shares were divested at Rs 1,935.63 apiece, a discount from Friday's closing price of Rs 1,956.15.
The transaction size aggregated to Rs 2,303.4 crore.
However, the buyer of the share (s) could not be ascertained immediately.
Despite the transaction, shares of the asset management firm rose 11.5 per cent to settle at Rs 2,180.75 on the BSE.
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HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and BRDN Investment Management.
Abrdn Investment Management, one of the promoters of HDFC AMC, held 16.21 per cent stake in the company while another promoter HDFC owned 52.59 per cent stake as of June 2022, according to the shareholding pattern data with BSE.
In September 2021, BRDN Investment Management had divested a 5 per cent stake in HDFC AMC through the open market transaction.
HDFC AMC had hit the capital markets in 2018 to raise an estimated Rs 2,800 crore through the initial public offering.
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