HDFC Asset Management dips 3% as promoter looks to offload stake

The share-sale is being undertaken by the promoter for achieving the minimum public shareholding in the company as prescribed under markets regulator Sebi's norm

Shares of HDFC Asset Management fell as much as 3 per cent to Rs 3,334 in early trade on the BSE on Wednesday after one of the promoters, Standard Life Investments, offered to offload 2.3 per cent stake in the fund house.

In a regulatory filing to exchanges, Standard Life proposed to sell up to 4.75 million equity shares, or 2.23 per cent of the total issued and paid-up equity share capital of HDFC AMC, with an option to sell additional 3.85 million shares, or 1.81 per cent of the equity, through offer-for-sale mechanism. READ THE FILING