UK-headquartered investment firm and promoter abrdn Investment Management is planning to sell its entire 10.21% stake in , the global firm said in a statement.
Consequent to the stake sale, abrdn Investment Management will cease to be a co-sponsor of
Mutual Fund.
Of the total, abrdn Investment plans to sell 2,11,18,578 shares, representing 9.9%, to a single buyer. The rest will reportedly be sold separately.
On Tuesday, shares of HDFC AMC ended 0.2% higher at Rs 2,192 on the National Stock Exchange.
In August, abrdn Investment had sold 5.6% stake in the asset management firm for about Rs 2,300 crore.
At the current market price, the sale of its entire stake could fetch the UK firm a little over Rs 4,700 crore.
The exit by abrdn Investment comes ahead of the merger of HDFC Bank and Housing Development Finance Corporation. HDFC Ltd, the other promoter entity of HDFC AMC, holds 52.6% stake.
In August, capital market regulator Securities and Exchange Board of India (SEBI) gave in-principle approval to change the sponsor of
to HDFC Bank from HDFC Ltd.
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