AgenciesUK-headquartered investment firm and promoter abrdn Investment Management is planning to sell its entire 10.21% stake in , the global firm said in a statement.
Consequent to the stake sale, abrdn Investment Management will cease to be a co-sponsor of Mutual Fund.
Of the total, abrdn Investment plans to sell 2,11,18,578 shares, representing 9.9%, to a single buyer. The rest will reportedly be sold separately.
On Tuesday, shares of HDFC AMC ended 0.2% higher at Rs 2,192 on the National Stock Exchange.
In August, abrdn Investment had sold 5.6% stake in the asset management firm for about Rs 2,300 crore.
At the current market price, the sale of its entire stake could fetch the UK firm a little over Rs 4,700 crore.
The exit by abrdn Investment comes ahead of the merger of HDFC Bank and Housing Development Finance Corporation. HDFC Ltd, the other promoter entity of HDFC AMC, holds 52.6% stake.
In August, capital market regulator Securities and Exchange Board of India (SEBI) gave in-principle approval to change the sponsor of to HDFC Bank from HDFC Ltd.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are
their own. These do not represent the views of Economic Times)
Consequent to the stake sale, abrdn Investment Management will cease to be a co-sponsor of Mutual Fund.
Of the total, abrdn Investment plans to sell 2,11,18,578 shares, representing 9.9%, to a single buyer. The rest will reportedly be sold separately.
On Tuesday, shares of HDFC AMC ended 0.2% higher at Rs 2,192 on the National Stock Exchange.
In August, abrdn Investment had sold 5.6% stake in the asset management firm for about Rs 2,300 crore.
At the current market price, the sale of its entire stake could fetch the UK firm a little over Rs 4,700 crore.
The exit by abrdn Investment comes ahead of the merger of HDFC Bank and Housing Development Finance Corporation. HDFC Ltd, the other promoter entity of HDFC AMC, holds 52.6% stake.
In August, capital market regulator Securities and Exchange Board of India (SEBI) gave in-principle approval to change the sponsor of to HDFC Bank from HDFC Ltd.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are
their own. These do not represent the views of Economic Times)
Read More News on
(What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)
...moreDownload The Economic Times News App to get Daily Market Updates & Live Business News.