Promoter abrdn Investment to sell entire 10.2% stake in HDFC AMC

After the stake sale, abrdn will cease to be a co-sponsor of HDFC Mutual Fund; it had divested 5.58% in HDFC AMC for over Rs 2,300 cr in August

HDFC Asset Management Company (AMC) has informed the stock exchanges that its promoter, abrdn Investment Management, will sell its entire 10.2 per cent stake in the company.

"The company is in receipt of letter from abrdn Investment Management, one of the promoters holding 10.21 per cent of the paid-up share capital of the company, intimating their intention to sell the entire stake in the Company subject to applicable regulatory provisions," HDFC AMC said.

Following the stake sale, abrdn will cease to be a co-sponsor of HDFC Mutual Fund, the AMC added.

In August, abrdn had divested 5.58 per cent stake in HDFC AMC for over Rs 2,300 crore through an open market transaction.