Abrdn to exit HDFC AMC, may garner Rs 4,700 crore
时间:2024-06-26 08:12:59 阅读(143)
Abrdn Investment Management (formerly Standard Life Investments), one of the sponsors of HDFC Asset Management, plans to offload its entire 10.2% stake in the mutual fund house. The other sponsor is HDFC, which holds a 52.59% stake.
The investment manager intends to place up to 21.11 million shares, totalling 9.9% holding, with a single buyer and the rest separately, according to an exchange filing on Tuesday. The stake sale is subject to applicable regulatory provisions.
Also Read| Punjab & Sind Bank, Bank of Baroda among 115 BSE stocks to hit 52-week highs, 9 fall to 52-week lows
At current prices, the stake sale could fetch Abrdn Investment Management about `4,700 crore. Shares of the AMC have slid 11.2% in the year to date to `2,190 apiece.
In August, Abrdn Investment Management had divested 5.58% in HDFC AMC for a little over `2,300 crore through an open market transaction, according to reports. The shares were divested at `1,935.63 apiece.
Abrdn Investment Management held 16.21% in the AMC as of June 2022. In September 2021, the investment manager had divested 5% in the AMC through the open market.
In August, the Securities and Exchange Board of India (Sebi) had granted in-principle approval for change in control of HDFC AMC along with change in one of the co-sponsors of HDFC Mutual Fund from HDFC Ltd to HDFC Bank. The change in control would happen post the merger of HDFC with HDFC Bank.
Also read: Share Market LIVE: Sensex falls 300 pts, Nifty below 18600, Bank Nifty in red; Infosys, ICICI Bank lead losses
HDFC AMC had tapped the market for an initial public offering in 2018 and was the second AMC to list on the bourses after Nippon India AMC.
In the past few years, several foreign sponsors, including JP Morgan, Morgan Stanley, ING, Fidelity and BlackRock, have exited the mutual fund business in India.
上一篇:Adani stocks are getting no love from India’s money managers
下一篇:ZEEL, Adani Total Gas among 163 NSE stocks to touch 52-week lows, 17 stocks hit 52-week highs
猜你喜欢
- Zomato share price may rally 21%, says HSBC; grocery business termed ‘poison pill’, check target
- Worried about market volatility- Portfolio diversification may help generate better risk-adjusted
- Tata Play, ideaForge Technology get Sebi’s go ahead to float IPOs
- Will Nifty extend losses for 8th session or will Q3 GDP bring cheer- 8 things to know before market opens
- Windfall tax raised on crude oil, levy on diesel cut; duty on ATF export unchanged in fortnightly review
- Zomato, Marico, Lupin, Indian Bank, Dr Reddy’s Labs among 129 stocks that hit 52-week highs; 9 touch 52-week lows
- Sula Vineyards IPO to open on Dec 12; sets price band at Rs 340-357 per share
- Adani raises $15 billion in equity, debt in comeback strategy after Hindenburg rout
- Tata Motors explores partial stake sale in Tata Tech via IPO