abrdn Investment Management to sell entire 10.21% stake in HDFC AMC

Consequent to the stake sale, the investment firm and promoter abrdn Investment Management will cease to be a co-sponsor of HDFC Mutual Fund, the company said in a BSE 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% 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,” the company said in a stock exchange filing.

“Consequent to the proposed stake sale, abrdn Investment Management Limited will cease to be a co-sponsor of HDFC Mutual Fund,” the statement read.

Of the total, the UK-headquartered company is aiming to sell 2,11,18,578 shares, representing 9.9% to a single buyer. The rest will be sold separately, the asset management firm said.

Bank in August this year, abrdn Investment had sold its 5.58% stake in HDFC AMC for a little over ₹2,300 crore through an open market transaction.

The promoter sold a total of 1.19 crore shares, representing a 5.58% stake, of the asset management company, as per the bulk deal data available with the stock exchange.

The shares were divested at ₹1,935.63 apiece. The transaction size aggregated to ₹2,303.4 crore.

HDFC AMC had hit the capital markets in 2018 to raise an estimated ₹2,800 crore through an initial public offering.

On Tuesday, HDFC AMC stock rose 0.19% to settle at ₹2,190.00 on the BSE.