Standard Life sells 5% stake in HDFC Mutual Fund for Rs 3,061 crore

UK’s Standard Life Investments on Wednesday offloaded 5 per cent stake in HDFC Mutual Fund. It sold 10.65 million shares at Rs 2,873.8 apiece for a total of Rs 3,061 crore, data provided by BSE showed. 

T Rowe Price Emerging Markets Stock Fund picked up about 1.52 million shares for Rs 436 crore. Names of other buyers were not known. Shares of HDFC MF fell 5.6 per cent to close at Rs 2,905. 

Prior to the stake sale, Standard Life held 21.23 per cent stake in HDFC MF, while mortgage lender HDFC held 52.65 per cent stake.