HDFC Asset Management Company AMC said on Tuesday that promoter abrdn Investment Management Limitedabrdn Investment Management Limited will sell the entire 10.2% stake in the mutual fund.
We would like to inform that the company received a 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.
The proposed stake sale will result in abrdn Investment Management Limited being a co-sponsor of HDFC Mutual Fund, said the company in a stock exchange filing.
The company's scrip on the BSE was 0.1% higher on Tuesday, at Rs 2,190.
At this time, our intention is to place up to 21,118, 578 shares i.e. In a letter to the mutual fund, abrdn Investment Management said 9.9% had a single buyer with the rest being sold separately.
In August, abrdn Investment Management, formerly known as Standard Life Investments, divested its 5.58% stake in HDFC AMC for a little over 2,300 crore through an open market transaction.
The shares were divested at Rs 1,935. 63 apiece. The transaction size was a total of Rs 2,303. 4 crore.
According to the shareholding pattern data with BSE, abrdn Investment Management held 16.21% of the company's shares as of June 2022, while HDFC owned 52.59% of the company.