HDFC Asset Management Company said its promoter, Standard Life Investments, plans to exercise green shoe option partially.
Of the 38,50,000 equity shares, representing 1.81% equity, under the green shoe option planned earlier, Standard Life will now offload only 18,35,509 equity shares, or 0.86% equity. The announcement was made after market hours yesterday, 4 December 2019.Accordingly, the aggregate number of shares offered in the offer-for-sale (OFS) will be upto 65,85,509 equity shares (representing 3.10% equity) of which, upto 6,58,551 equity shares (representing approximately 0.31% equity) would be available as part of the OFS on T+1 day, i.e. on Thursday, 5 December 2019.
In its base issue, Standard Life Investments offered 47.50 lakh equity shares, representing 2.23% equity of HDFC AMC, through OFS mechanism. The floor price for the sale has been set at Rs 3,170 per equity share.
The OFS opened for institutional investors on Wednesday, 4 December. On the first day of the bidding for OFS, bids were received for 73,41,323 shares from the non-retail investors, representing a subscription of 123.86%.
The trading window opened for retail investors (T+1) on Thursday, 5 December.
Shares of HDFC AMC were down 2.85% at Rs 3234.35. On the technical front, the stock's RSI (relative strength index) stood 43.746. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day placed at Rs 3113.05 and its 200-day moving average (DMA) placed at Rs 2165.52.
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HDFC Asset Management Company (HDFC AMC) is investment manager to HDFC Mutual Fund, the largest mutual fund in the country. HDFC AMC has a diversified asset class mix across equity and fixed income/ others.
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