HDFC AMC gains 3% as promoter abrdn plans to sell entire 10.2% stake

Shares of HDFC Asset Management Company (AMC) were up 3 per cent at Rs 2,289.90 on the BSE in Wednesday’s intra-day after the company informed the stock exchanges that its promoter, abrdn Investment Management, will sell its entire 10.2 per cent stake in the company. The stock quoted at its highest level since April 2022.

"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. READ MORE

Consequent to the proposed stake sale, abrdn Investment Management Limited will cease to be a co-sponsor of HDFC Mutual Fund under SEBI (Mutual Funds) Regulations, 1996, HDFC AMC added.

abrdn Investment Management is to place up to 21.12 million shares (i.e. 9.9 per cent) with a single buyer with the rest being sold separately, subject to feasibility.

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