Foreign promoter Standard Life Investments is expected to offload 1.06 crore equity shares in HDFC Asset Management Company via an open market transaction on September 29, 2021, reported CNBC-TV18 quoting sources.
The deal is expected to take place in one or more share sales on the bourses and the floor price has been fixed at Rs 2,870 per share, which is 6.65 percent discount to the closing price of Rs 3,074.35 on September 28.
HDFC AMC's share price settled with a loss of Rs 2.95 percent on Tuesday, amid broad-based correction in the overall equity market. In the last one-year period, the stock has gained 36 percent.
The deal size is expected to be at Rs 3,042.2 crore ($411 million at a USDINR rate of 74.0525), as per the reports.
Currently, Standard Life holds 21.23 percent shareholding or 4.52 crore equity shares in HDFC AMC, one of the leading asset management companies with a market capitalisation of over Rs 65,000 crore.