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Last Updated : Jun 17, 2020 08:43 AM IST | Source: Moneycontrol.com

Standard Life Investments to offload 5.64% stake in HDFC AMC via OFS

The floor price for the sale has been fixed as Rs 2,362 per share.

 
 
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Promoter entity Standard Life Investments will sell 5.64 percent stake in HDFC Asset Management Company via an offer for sale (OFS) in the next two trading sessions.

Standard Life Investments and HDFC held 26.89 percent and 52.72 percent stake, respectively, as of March 31.

"Standard Life Investments proposes to sell up to 60,00,000 equity shares (representing approximately 2.82 percent of the total issued and paid-up equity share capital of HDFC Asset Management Company) through an offer for sale issue on June 17-18," HDFC AMC said in a BSE filing.

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Standard Life also proposed an option to sell another 60,00,000 equity shares (in the event the oversubscription option is exercised), the company added.

In total, Standard Life plans to sell 1.2 crore equity shares of HDFC AMC (representing 5.64 percent of total paid-up equity capital of the company).

The floor price for the sale has been fixed as Rs 2,362 per share. The counter ended June 16 at Rs 2,537.65, down 2.48 percent, on the BSE.

Non-retail investors can participate in the issue on June 17. On June 18, the issue will remain open for non-retail as well as retail investors.

The company said Standard Life will sell these shares through a separate, designated window on the BSE and National Stock Exchange of India. The offer for sale will be conducted during normal exchange trading hours (9:15 am to 3:30 pm).

"Non-retail investors who have placed their bids on T day (June 17) and have chosen to carry forward their unallotted bids to T+1 day (June 18), shall be allowed to revise their bids on T+1 day," it added.
First Published on Jun 16, 2020 08:16 pm
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