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HDFC Asset Management Company (AMC) on Tuesday said one of the company promoter, abrdn Investment Management, will sell its entire 10.2% stake in the mutual fund.

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.

ABOUT THE AUTHOR

Meghna Sen

Meghna Sen is a deputy chief content producer at Livemint where she tracks companies, markets, news. She has 5+ years of experience with online and print publications. Email: meghna.sen@htdigital.in
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