NEW DELHI: Shares of
HDFC Asset Management Company fell over 3 per cent in Wednesday's trade as one of the promoters,
Standard Life Investments, kicked off an offer for sale for selling up to 60 lakhs shares in the AMC, constituting 2.82 per cent of total equity.
The two-day OFS will close on Thursday.
The sale price of the OFS shares was fixed at Rs 2,362 apiece, 7 per cent discount to Tuesday’s closing price of Rs 2,538, which according to analysts is a bargain buy.
On Wednesday, the scrip fell 3.14 per cent to hit a low of Rs 2,457.80 on
BSE. Standard Life has reserved 10 per cent of the OFS shares for retail investors.
Through the OFS, Standard Life will raise about Rs 1,417 crore.
HDFC AMC operates as a joint venture between
Housing Development Finance Corporation (HDFC) and Standard Life Investments.
As of March 31, 2020, Standard Life held 27 per cent stake in the mutual fund house, while HDFC owned 52.76 per cent. Both HDFC and Standard Life have cut their stakes in the JV of late.
Standard Life has appointed BofA Securities as the broker for the sale. The OFS will open on June 17 for non-retail investors and on June 18 for retail investors.