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Shares of HDFC Asset Management Company was up four per cent to ₹2,273 on Wednesday even as one of the promoters abrdn Investment Management decided to sell its entire stake.
Year-to-date, HDFC AMC declined over 9 per cent but in the past six months it has rallied more than 19 per cent.
Investment and asset management service company, abrdn Investment Management holds 10.21 per cent in the company.
abrdn Investment Management, one of the promoters holding 10.21 per cent of the paid-up share capital of the company, has informed about its intention to sell the entire stake, said HDFC AMC.
Consequently, abrdn Investment Management will cease to be a co-sponsor of HDFC Mutual Fund, it said.
abrdn said it intends to place up to 21,118,578 shares or 9.9 per cent of its holding with a single buyer and remaining is being sold separately.
Fund house’s performance
HDFC AMC reported that its net profit in September quarter was up six per cent at ₹364 crore against ₹344 crore logged in the same period last year. Income was up 7 per cent at ₹649 crore (₹608 crore). Asset under management of the fund house dipped 3 per cent to ₹4.22-lakh crore (₹4.36-lakh crore).
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