BRDN Investment Management sells 5.6% in HDFC AMC

17 Aug 2022 , 07:57 AM

In an open market transaction on Tuesday, promoter BRDN Investment Management, previously Standard Life Investments, sold its 5.58% interest in HDFC Asset Management Company NSE 11.49% (AMC) for just over Rs2,300 crore. The promoter sold a total of 1.19 crore shares, or 5.58% of the asset management company, according to bulk deal data available with the BSE.

The shares were sold at a discount from Friday’s closing price of Rs1,956.15, at Rs1,935.63 per share.

The total transaction volume was Rs2,303.4 crore. However, it was not possible to identify the purchaser of the share right away.

Shares of the asset management company increased 11.5% to close at Rs2,180.75 on the BSE notwithstanding the deal.

HDFC AMC is a joint venture between BRDN Investment Management and Housing Development Finance Corporation (HDFC).

According to shareholding pattern data filed with the BSE, as of June 2022, HDFC AMC’s promoters BRDN Investment Management and HDFC owned a combined 16.21% and 52.59% stakes in the company.

Through an open market transaction, BRDN Investment Management sold a 5% share in HDFC AMC in September 2021.

In order to raise an anticipated Rs2,800 crore through an IPO, HDFC AMC turned to the capital markets in 2018.