Abrdn Investment, the UK-based asset management company, has sold its entire 10.2 per cent stake in HDFC Asset Management Company on Tuesday through bulk deal.
The former co-sponsor of HDFC AMC sold 2.18 crore shares at ₹1,873 a piece through bulk deal on the BSE. The deal is expected to fetch ₹3,920 crore for Abrdn Investment.
SBI Mutual Fund and Zulia Investments Pte bought 33.35 lakh and 16.27 lakh shares, while Smallcap World Fund Inc and Societe Generale acquired 37.24 lakh and 12.25 lakh shares, as per bulk deals announced on the BSE. The details on acquirers of the remaining shares were not available immediately.
Shares of HDFC AMC gained 11 per cent to ₹2,104 on Tuesday.
In December 2022, Abrdn informed HDFC AMC of its intention to sell its entire stake. In February this year, SEBI gave its nod for the stake sale and change in ownership.
Price support
With the selling overhang from a large promoter receding, HDFC AMC is likely to find some price support in the near term, said analysts.
The sale also comes ahead of the $40-billion merger between the AMC’s parent Housing Development Finance Corp (HDFC) and HDFC Bank, scheduled to close soon.