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HDFC AMC shares rise as promoter abrdn plans to sell entire 10.2% stake

Following the proposed stake sale, abrdn Investment would cease to be a co-sponsor of HDFC Mutual Fund, the company said in a regulatory filing.

December 07, 2022 / 12:31 PM IST

HDFC Asset Management Company (AMC) has said one of its promoter companies, abrdn Investment Management, is planning to sell its entire 10.21 per cent stake in the mutual fund house.

Following the proposed stake sale, abrdn Investment would cease to be a co-sponsor of HDFC Mutual Fund, the company said in a regulatory filing.

"We would like to inform that the company is in receipt of letter from abrdn Investment Management Limited, one of the promoters holding 10.21 per cent of the paid-up share capital of the company, intimating their intention to sell the entire stake in the company subject to applicable regulatory provisions," HDFC AMC said on Tuesday.

Of the 10.21 per cent stake, abrdn Investment is looking to place up to 2,11,18,578 shares, amounting to 9.9 per cent with a single buyer, and the rest being sold separately.