abrdn Investment exits HDFC Asset Management Company; shares soar 11%

UK-headquartered abrdn Investment Management on Tuesday sold its 10.2 per cent stake in HDFC Asset Management Company via block deals.
 

The investment firm sold 21.77 million shares at Rs 1,873 apiece to mop up a total of Rs  4,079 crore.

Among the buyers were a host of domestic as well as foreign funds, which included Kuwait Investment Authority, Morgan Stanley, Nippon India Mutual Fund, Norges Bank and SBI Mutual Fund.

Shares of HDFC AMC rose 11 per cent to settle at Rs 2,104 on the BSE. Experts said the surge in the stock price was on optimism that HDFC AMC will get included in the MSCI India index due to the increase in public float. After the stake sale, abrdn will cease to be a co-sponsor of HDFC Mutual Fund.