Latest News | Promoter BRDN Investment Management Sells 5.6% Stake in HDFC AMC for Rs 2,300 Cr

New Delhi, Aug 16 (PTI) Promoter BRDN Investment Management, formerly Standard Life Investments, on Tuesday divested its 5.58 per cent stake in HDFC Asset Management Company (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.

Also Read | Xiaomi Smart TV 5A Pro 32-Inch Launched in India, Check Price & Other Details Here.

The shares were divested at Rs 1,935.63 apiece, a discount from Friday's closing price of Rs 1,956.15.

The transaction size aggregated to Rs 2,303.4 crore.

Also Read | Motorola Edge 30 Fusion Renders & Specifications Leaked Online: Report.

However, the buyer of the share (s) could not be ascertained immediately.

Despite the transaction, shares of the asset management firm rose 11.5 per cent to settle at Rs 2,180.75 on the BSE.

HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and BRDN Investment Management.

BRDN Investment Management, one of the promoters of HDFC AMC, held 16.21 per cent stake in the company while another promoter HDFC owned 52.59 per cent stake as of June 2022, according to the shareholding pattern data with BSE.

In September 2021, BRDN Investment Management had divested a 5 per cent stake in HDFC AMC through the open market transaction.

HDFC AMC had hit the capital markets in 2018 to raise an estimated Rs 2,800 crore through the initial public offering.

(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)