HDFC AMC shares rise over 3 pc

Shares of HDFC Asset Management Company on Wednesday gained over 2 per cent after the firm received repayment of Rs 167 crore from Essel Group.

Further, the world's biggest index compiler MSCI had announced earlier this month that HDFC AMC would be included in its India index.

The changes will be effective at the close of November 26, the index provider had said.

On the BSE, the stock traded 2.63 per cent higher at Rs 3,688.20.

The scrip rose 3.1 per cent to Rs 3,690 on the NSE.

HDFC MF on Tuesday said that the company holds certain non-convertible debentures (NCDs) of the Essel Group that are secured by a pledge of listed equity shares. The carrying value of these NCDs as at September 30, 2019, was Rs 275.63 crore.

"The company has received a total of Rs 166.86 crore towards part repayment of the said NCDs and interest thereon, from the issuer through sale of certain listed equity shares comprising part of the collateral. The value of the residual pledged listed equity shares as at November 25, 2019 is Rs 143.95 crore," the fund house informed the stock exchanges.