Comments
HDFC Asset Management Company has received final SEBI approval for change in ownership after the merger of HDFC with HDFC Bank.
HDFC AMC was promoted by HDFC Investments and HDFC Holdings, wholly owned subsidiaries of Housing Development Finance Corporation. As per the proposed merger, both the subsidiaries will be merged with HDFC.
Following this, HDFC itself will be merged with HDFC Bank. Subsequently, HDFC Bank will become the sponsor of HDFC AMC, HDFC Mutual Fund and HDFC AMC AIF-II. On Friday, market regualtor gave its final approval for change in sponsor of HDFC AMC.
The Mumbai Bench of National Company Law Tribunal had passed the final order on the merger on March 17.
In February, one of HDFC AMC promoters, abrdn Investment Management (formerly Standard Life Investments) soldits entire 10.21 per cent stake in the company.
Last August, abrdn Investment Management through an open market transaction divested a 5.58 per cent stake in HDFC AMC for a little over ₹2,300 crore.
Shares of HDFC Asset Management Company closed 0.38 per cent lower at ₹1,768.05 on the BSE.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.