SBI MF schemes buy 2.2% stake worth Rs 757 cr in HDFC AMC in open market

US-based investment firm GQG Partners offloads 1.16% holding; shares exchanged at average price of Rs 1,600 each

SBI Mutual Fund bought a 2.2 per cent stake in HDFC AMC worth Rs 757 crore in open market transactions on Monday, as GQG Partners sold off 1.16 per cent stake (worth Rs 396.8 crore) in the asset management company, shows bulk deal data available with the exchanges.

The sellers of the rest of the shares is unknown.

The deal saw shares being exchanged at an average price of Rs 1,600 per share.

GQG Partners has been offloading HDFC AMC shares of HDFC AMC since August 2022. On Friday, HDFC AMC informed exchanges that the US-based boutique investment company has trimmed its holding in the company from 5.33 per cent to 2.76 per cent.

The stock ended the Monday's session almost flat at Rs 1,681. The share is down 14 per cent in the past six months.

GQG was recently in news for its $1.9 billion share purchase of four Adani group stocks.