Abrdn Investment Management, formerly known as Standard Life, has put its entire holding of 10.2 per cent in HDFC Asset Management Company on sale through block deal.
The former co-sponsor of HDFC AMC, will offload 2.18 crore shares at an offer price of ₹1,800 to ₹1,892.45 per share, sources said.
The price would be at a discount to closing price of ₹1,891 on Monday. Based on the sale price, the deal will be worth ₹3,920 crore.
The block deal is expected to close at 7 am on June 20 with an option to end earlier.
With this stake sale, Abrdn would exit from HDFC AMC, as its total shareholding in the company stood at 10.2 per cent, according to the details shared with the BSE.
The UK-headquartered Abrdn has been paring its stake in Indian companies and offloaded its entire 1.66 percent stake in HDFC Life Insurance for ₹2,037 crore in the block deal that was executed on May 31.
Abrdn is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. It is the active asset manager in the Britain, with investments in equities, multi-asset, fixed income, liquidity, sovereign wealth funds, real estate and private markets.
Meanwhile, HDFC AMC was down one per cent at ₹1,891 on Monday.