Retail portion of Rs 2,800-cr OFS in HDFC AMC offer subscribed 82%

The retail portion of the Rs 2,800-crore offer for sale (OFS) in HDFC Asset Management Company (AMC) has garnered 82.3 per cent subscription. Retail investors — those applying for up to Rs 200,000 — bid for 987,191 shares as against 1.2 million on offer.

The share sale however, has sailed through as institutional investor portion was oversubscribed. On Wednesday, institutional investors bid for 14.1 million shares as against a total of 12 million shares on offer.

Through the OFS, promoter Standard Life has offloaded 5.64 per cent stake. Following the stake sale, Standard Life’s stake in the asset manager drops to 21.25 per cent and total promoter declines to 73.97 per cent. HDFC AMC is now complaint with the 25 per cent public shareholding norms. 

Parent HDFC 52.72 per cent stake in HDFC AMC. The OFS is being handled by Bank of America Securities (BofA).

Shares of HDFC closed at Rs 2,424, up 0.4 per cent. The base price for the OFS was set at Rs 2,362 per share, however, most of the bids came in at Rs 2,397, stock exchange data showed.