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Last Updated : Dec 03, 2019 05:54 PM IST | Source: Moneycontrol.com

Standard Life to sell 2.23% stake in HDFC AMC via OFS

The transaction will take place on NSE and BSE and 10 percent of the sale shares shall be reserved for retail investors subject to the receipt of valid bids.

 
 
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Standard Life Investments, one of the promoters of HDFC Asset Management Company (AMC), will sell a 2.23 percent stake in the company on December 4-5.

As per a regulatory filing on NSE, Standard Life has proposed to sell up to 47.5 lakh equity shares representing 2.23 percent of the total issued and paid-up equity share capital of HDFC AMC). The sale will be open to non-retail investors on December 4 and on December 5 for retail investors and those non-retail investors who choose to carry forward their un-allotted bids.

There will be an option to additionally sell up to 38.5 lakh equity shares (representing 1 .81 percent of the total issued and paid-up equity shares of the company).

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The floor price for the sale has been set at Rs 3,170 per equity share.

The sale is being undertaken by Standard Life to achieve the minimum public shareholding in HDFC AMC, as prescribed under Rules 19(2)(b) read with 19(A) of the Securities Contracts (Regulation) Rules, 1957 and Regulation 38 of the Securities and Exchange Board of India (SEBI).

The transaction will take place on NSE and BSE and 10 percent of the sale shares shall be reserved for retail investors subject to the receipt of valid bids.

A minimum of 25 percent of the sale shares shall be reserved for mutual funds registered under the Mutual Funds Regulations and insurance companies registered with the IRDAI under the IRDA Act, subject to receipt of valid bids and orders at or above the floor price and as per allocation methodology.

In case of an under subscription by mutual funds and insurance companies, the unsubscribed portion shall be available to the other bidders.

DSP Merrill Lynch is the broker for Standard Life.

Shares of HDFC AMC settled at Rs 3,441.45, up 1.34 percent on BSE on December 3.

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First Published on Dec 3, 2019 05:54 pm
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