HDFC AMC gains 4.6% as promoter abrdn plans to sell entire 10.2% stake

Published On: Wednesday, December 7, 2022 | By:

HDFC AMC gains 4.6% as promoter abrdn plans to sell entire 10.2% stake

Shares of HDFC Asset Management Co Ltd. (HDFC AMC) jumped as much as 4.6 percent to Rs. 2295 in intra-day trade on Wednesday after the company announced that one of its promoters plans to sell its entire stake in the firm. The company is in receipt of a letter from abrdn Investment Management, one of the promoters holding 10.21 percent 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. 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. Of the 10.21 percent stake, abrdn Investment is looking to place up to 2,11,18,578 shares, amounting to 9.9 percent with a single buyer, and the rest being sold separately.

In August, abrdn Investment, formerly Standard Life Investments, divested its 5.58 percent stake in HDFC AMC for a little over Rs 2,300 crore through an open market transaction.HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and abrdn Investment Management.

Following the development, capital markets firm Jefferies recommended a ‘buy’ on the HDFC AMC with a target price of Rs 2,450 per share.

We are on Telegram!

Telegram Logo

JOIN our telegram channel to receive updates on Financial News and Stock and FNO Tips.

Click Here!

Follow Us On: