Abrdn Investment Management Limited, part of the promoter group of HDFC AMC will offload its entire stake of 10.2% in HDFC Asset Management Company Limited (HDFC AMC) for minimum of ₹3,920 crore on the exchanges on Tuesday.
The shares will sold at a price range of ₹1,800 to ₹1,892.45 each, with lower end of the price range being a 5% discount to Monday closing pricing. The total number of shares on offer stands at 21.78 million.
BofA Securities is the broker to the deal. The sale is part of Abrdn’s plan to exit its stake in HDFC AMC.
HDFC AMC market cap stands at ₹40,369 crore.
The company had earlier expressed its intention to sell the entire 10.21% stake in HDFC AMC in December 2022.
The 52-week high of HDFC Asset Management Company Limited (HDFC AMC) is ₹2,314.
Shares of HDFC AMC ended 1.34% lower at ₹1892.45 apiece on the NSE.
HDFC AMC standalone net profit surged 9.6% to ₹376 crore during the quarter ended March (Q4FY23) as against ₹343 crore in the same period last year. The company’s revenue from operations, meanwhile, rose nearly 5% to ₹541 crore for the quarter ended March against ₹516 crore in the corresponding quarter of last year.
For the fiscal year that ended in March 2023, the board has also recommended a dividend of ₹48 per equity share.
