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

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

"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.

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

On Tuesday, the company's scrip on BSE closed 0.1% higher at Rs 2,190. 

"Our intention, at this time and subject to feasibility, is to place up to 21,118,578 shares (i.e. 9.9%) with a single buyer with the rest being sold separately," said UK-based abrdn Investment Management in its letter to the mutual fund.

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

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

The shares were divested at Rs 1,935.63 apiece. The transaction size aggregated to Rs 2,303.4 crore.

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

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