HDFC Asset Management Company share price tumbled over 5 percent in the morning session on September 29, a day after sources said that foreign promoter Standard Life Investments is expected to offload 1.06 crore equity shares of the company.
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.
The deal size is expected to be at Rs 3,042.2 crore ($411 million), 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.
The stock was trading at Rs 2,897.65, down Rs 178.00, or 5.79 percent. It has touched an intraday high of Rs 2,910.00 and an intraday low of Rs 2,871.05.
The scrip was trading with volumes of 11,871,004 shares, compared to its five day average of 35,408 shares, an increase of 33,426.52 percent.JP Morgan India is acting as the book-running lead manager for the deal.