Latest News | Abrdn Exits HDFC AMC; Sells Entire Stake for Rs 4,079 Cr

New Delhi, Jun 20 (PTI) UK-based Abrdn Investment Management, a promoter of HDFC Asset Management Company (AMC), on Tuesday divested its entire 10.20 per cent stake in the firm for Rs 4,079 crore through open market transactions.

Abrdn Investment Management offloaded the shares of HDFC AMC in 22 tranches.

Also Read | Tom Cruise Expresses Desire To Work With Scarlett Johansson In Future, As The Mission Impossible Actor Praises Her Saying ‘She’s amazing’ (Watch Video).

SBI Mutual Fund (MF), Aditya Birla Sun Life MF, ICICI Prudential Life Insurance Company, BNP Paribas Arbitrage, Societe Generale, SmallCap World Fund Inc, Kuwait Investment Authority and BofA Securities Europe SA, among other buyers, were the bought shares of HDFC AMC.

According to the block deal data available with the BSE, Abrdn Investment Management sold a total of 2,17,78,305, amounting to a 10.20 per cent stake in HDFC AMC.

Also Read | Zero Tolerance on Spurious Medicines, 71 Firms Issued Notices, Says Union Health Minister Mansukh Mandaviya on Cough Syrup Row.

The shares were disposed of at an average price of Rs 1,873 apiece, taking the transaction size to Rs 4,079.07 crore.

As of the March quarter, Abrdn investment management held more than 2.17 crore shares, equivalent to a 10.20 per cent stake in HDFC AMC, shareholding data showed with the bourse.

On Tuesday, shares of HDFC AMC zoomed 11.28 per cent to close at Rs 2,104.35 apiece on the BSE.

Last month, Abrdn exits HDFC Life by selling the entire 1.66 per cent stake in the company for Rs 2,069 crore.

Abrdn was a promoter in HDFC Life Insurance.

In December 2022, HDFC Asset AMC announced that Abrdn, one of the promoters, will sell its entire 10.2 per cent stake in the mutual fund.

In August last year, Abrdn Investment 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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)