SEBI approves abrdn Investment's proposal to sell entire stake in HDFC AMC

Earlier in August 2022 too, abrdn Investment Management had divested its 5.58 percent stake in HDFC AMC for a little over Rs 2,300 crore through an open market transaction.(Representative image: Shutterstock)

HDFC Asset Management Company (AMC) on February 2 said the Securities and Exchange Board of India (SEBI) had given its approval to one of the promoters, abrdn Investment Management, formerly Standard Life Investments, to sell its remaining 10.21 percent stake in the company.

"...abrdn can reduce their stake in the company to less than 10% and cease to be co-sponsor of HDFC Mutual Fund," HDFC AMC said in a regulatory filing.

HDFC AMC had in December 2022 notified the stock exchanges that the UK-headquartered company was planning to sell its entire stake, subject to regulatory approvals.

The shares in HDFC AMC closed 0.59 percent lower at Rs 1,848.95 on BSE.

In August 2022, abrdn Investment Management through an open market transaction divested a 5.58 percent stake in HDFC AMC for a little over Rs 2,300 crore.

HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and BRDN Investment Management.

As of December 2022, Abrdn Investment Management held a 10.21 percent stake in the company while HDFC owned a 52.57 percent stake, according to the shareholding data with BSE.