Mumbai: India’s second largest private sector lender Housing Development Finance Corporation (HDFC) said on 9 October it has acquired an additional 10% stake in HDFC Asset Management Company (AMC) for Rs181.81 crore.
The Corporation has acquired over 24.90 lakh equity shares of Rs10 each of HDFC AMC, representing 9.90% of its paid-up equity capital, from Standard Life Investments Ltd - the investment arm of UK-based Standard Life Plc.
Following this acquisition, the Corporation’s shareholding in HDFC AMC would increase to 60% of its paid-up equity capital while Standard Life Investments would retain the balance 40% stake, the company said in a filing to the BSE.
HDFC and SLI remain the co-sponsors of HDFC Mutual Fund and are committed to the growth and development of its asset management business. HDFC AMC is the investment manager to HDFC Mutual Fund with funds under management of Rs 41,333 crore as of 30 September this year. It is the third largest private sector mutual fund with equity assets constituting around 44% of the total funds under management.
In addition, HDFC AMC also provides portfolio management and advisory services to domestic and offshore clients with funds under management of around Rs11,434 crore as of 30 September, taking the total assets under management to Rs52,767 crore.