Promoter Abrdn Investment Mgmt sells 5.6% stake in HDFC AMC for Rs 2,300 cr

Despite the transaction, shares of the asset management firm rose 11.5% to settle at Rs 2,180.75 on the BSE

HDFC AMC
Press Trust of India New Delhi
2 min read Last Updated : Aug 16 2022 | 10:11 PM IST

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.

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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :HDFC AMC

First Published: Aug 16 2022 | 9:00 PM IST

Next Story