HDFC Asset Management Company announced that it has received approval from SEBI for change in control of the company due to proposed stake sale by abrdn Investment Management Limited, the co-sponsor of HDFC Mutual Fund.
In December 2022, the HDFC Group Company announced that it is in receipt of letter from abrdn Investment Management Limited, one of the promoters holding 10.21% 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.
Consequent to the proposed stake sale, abrdn Investment Management Limited will cease to be a co-sponsor of HDFC Mutual Fund.
In an exchange filing made after market hours yesterday, HDFC AMC said that has received approval from SEBI permitting abrdn to reduce its shareholding in the company to less than 10%, subject to the company complying with the requirements specified under SEBI MF Regulations and providing option for a period of 15 calendar days from the date of communication to the unitholders to exit from the scheme(s) at the prevailing NAV without exit load.
Post the compliance of the aforesaid requirements by the Company, abrdn can reduce their stake in the Company to less than 10% and cease to be co-sponsor of HDFC Mutual Fund, the company said in a statement.
HDFC Asset Management Company (HDFC AMC) is the investment manager of HDFC Mutual Fund, one of the largest mutual funds in the country. The AMC has a diversified asset class mix across equity and fixed income/others. It also has a countrywide network of branches along with a diversified distribution network comprising banks, independent financial advisors, and national distributors.
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The AMC reported 2.68% rise in net profit to Rs 369.40 crore on 4.25% in total income to Rs 662.93 crore in Q3 FY23 over Q3 FY22.
The scrip rose 0.26% to currently trade at Rs 1853.75 on the BSE.
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