Abrdn Investment to sell its 10.2% stake of HDFC AMC

7 Dec 2022 , 08:37 AM

The global company announced in a statement that UK-based investment firm and promoter abrdn Investment Management intends to sell all of its 10.21% ownership in HDFC Asset Management Company.

Abrdn Investment Management will stop being a co-sponsor of HDFC Mutual Fund as a result of the stake sale.

Abrdn Investment intends to sell 2,11,18,578 shares, or 9.9% of the total, to a single buyer. Reportedly, the remainder will be sold individually.

Shares of HDFC AMC closed Tuesday’s trading session on the National Stock Exchange 0.2% higher at Rs2,192.

5.6% of the asset management company’s shares were sold by abrdn Investment in August for around Rs2,300 crore.

The UK company might receive little over Rs4,700 crore from the sale of its full interest at the present market price.

Prior to the merger of HDFC Bank and Housing Development Finance Corporation, abrdn Investment made its exit. The other promoter of HDFC AMC, HDFC Ltd, owns a 52.6% share.

The capital market watchdog Securities and Exchange Board of India (SEBI) provided preliminary approval in August for HDFC AMC to switch from HDFC Ltd. to HDFC Bank as the sponsor.

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