Consequent to the stake sale, abrdn Funding Administration will stop to be a co-sponsor of
Mutual Fund.
Of the whole, abrdn Funding plans to promote 2,11,18,578 shares, representing 9.9%, to a single purchaser. The remainder will reportedly be bought individually.
On Tuesday, shares of HDFC AMC ended 0.2% larger at Rs 2,192 on the Nationwide Inventory Change.
In August, abrdn Funding had bought 5.6% stake within the asset administration agency for about Rs 2,300 crore.
On the present market value, the sale of its total stake may fetch the UK agency a bit of over Rs 4,700 crore.
The exit by abrdn Funding comes forward of the merger of HDFC Financial institution and Housing Improvement Finance Company. HDFC Ltd, the opposite promoter entity of HDFC AMC, holds 52.6% stake.
In August, capital market regulator Securities and Change Board of India (SEBI) gave in-principle approval to vary the sponsor of
to HDFC Financial institution from HDFC Ltd.
(Disclaimer: Suggestions, solutions, views and opinions given by the specialists are
their very own. These don’t symbolize the views of Financial Instances)
