As abrdn Investment plans to sell its entire 10.2% stake, HDFC AMC rises 3%

7 Dec 2022 , 02:39 PM

On the BSE on Wednesday, shares of HDFC Asset Management Company (AMC) were up 3% at Rs 2,289.90. This resulted from the business’s stock exchange disclosure that its promoter, abrdn Investment Management, would be selling its entire 10.2% share in the company. The price of the shares was the highest it has been since April 2022.

According to HDFC AMC, “the business receives a letter from abrdn Investment Management, one of the promoters holding 10.21% of the company’s paid-up share capital, informing the company of their decision to sell the entire investment in the Company subject to applicable regulatory conditions. Abrdn sold its 5.58 % in HDFC AMC in August for more than Rs 2,300 crore in an open market transaction.

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