Promoter abrdn Investment Management to sell entire stake in HDFC AMC

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HDFC Asset Management Company (AMC) on December 6 stated that one of the promoters in the company, abrdn Investment Management, formerly Standard Life Investments, is planning to sell its entire 10.21 percent stake.

Consequent to the stake sale, abrdn Investment Management will cease to be a co-sponsor of HDFC Mutual Fund, the company said in a regulatory filing.

Of the total, the UK-headquartered company plans to sell 2,11,18,578 shares, representing 9.9 percent to a single buyer. The rest will reportedly be sold separately, HDFC AMC added.

Shares of HDFC AMC on Tuesday ended 0.19 percent higher at Rs 2,190 apiece on BSE against previous close.

Earlier in August, abrdn Investment Management had divested its 5.58 percent stake in HDFC AMC for a little over Rs 2,300 crore through an open market transaction.

According to bulk deal data available with the BSE, the promoter sold a total of 1.19 crore shares, representing a 5.58 per cent stake, of the asset management company.

HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and BRDN Investment Management.

abrdn Investment Management, one of the promoters of HDFC AMC, held 16.21 percent stake in the company while another promoter HDFC owned 52.59 percent stake as of June 2022, according to the shareholding pattern data with BSE.

(With inputs from PTI)