Promoter abrdn Investment to sell entire 10.2% stake in HDFC Mutual Fund

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HDFC Asset Management Company (AMC) on Tuesday said that promoter ABRDN Investment Management Ltd will sell the entire 10.2% stake in the mutual fund.

“We wish to inform that the Company has received letter from ABRDN Investment Management Limited, one of the promoters holding 10.21% of the paid-up share capital of the Company, informing its intention to sell entire stake in the Company. does.

“Consequent to the proposed stake sale, abrdn Investment Management Limited will cease to be a co-sponsor of HDFC Mutual Fund,” the company said in a stock exchange filing.

The company’s stock closed 0.1% higher at Rs 2,190 on BSE on Tuesday.

“We intend, at this time and subject to feasibility, to hold up to 21,118,578 shares (i.e. 9.9%) with a buyer, with the rest being sold separately,” UK-based abrdn investment management said in its letter to the mutual fund. Told .

In August, abrdn Investment Management, formerly Standard Life Investments, sold its 5.58% stake in HDFC AMC through an open market transaction for over Rs 2,300 crore.

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

The shares were sold at Rs 1,935.63 per share. The transaction size totaled Rs 2,303.4 crore.

As of June 2022, abrdn Investment Management held 16.21% stake in the company while HDFC held 52.59%, according to the shareholding pattern data with BSE.

Read also: India’s largest equity fund manager Prashant Jain resigns from HDFC AMC

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