Promoter abrdn Investment plans to sell entire 10.2% stake in HDFC AMC

HDFC Asset Management Company (AMC) has said one of its promoter companies, abrdn Investment Management, is planning to sell its entire 10.21 per cent stake in the mutual fund house.

Following the proposed stake sale, abrdn Investment would cease to be a co-sponsor of HDFC Mutual Fund, the company said in a regulatory 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 per cent 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 on Tuesday.

Of the 10.21 per cent stake, abrdn Investment is looking to place up to 2,11,18,578 shares, amounting to 9.9 per cent with a single buyer, and the rest being sold separately.

In August, abrdn Investment, formerly Standard Life Investments, divested its 5.58 per cent 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.

Shares of HDFC AMC were trading nearly 2 per cent higher at Rs 2,234.15 apiece in early morning trade on the BSE on Wednesday.