Promoter Abrdn Funding Administration, previously Customary Life Investments, on Tuesday divested its 5.58 per cent stake in HDFC Asset Administration Firm (AMC) for a little bit over Rs 2,300 crore by an open market transaction.
In line with bulk deal information accessible with the BSE, the promoter bought a complete of 1.19 crore shares, representing a 5.58 per cent stake, of the asset administration firm.
The shares had been divested at Rs 1,935.63 apiece, a reduction from Friday’s closing worth of Rs 1,956.15.
The transaction measurement aggregated to Rs 2,303.4 crore.
Nevertheless, the customer of the share (s) couldn’t be ascertained instantly.
Regardless of the transaction, shares of the asset administration agency rose 11.5 per cent to settle at Rs 2,180.75 on the BSE.
HDFC AMC operates as a three way partnership between Housing Growth Finance Company (HDFC) and BRDN Funding Administration.
Abrdn Funding Administration, one of many promoters of HDFC AMC, held 16.21 per cent stake within the firm whereas one other promoter HDFC owned 52.59 per cent stake as of June 2022, in response to the shareholding sample information with BSE.
In September 2021, BRDN Funding Administration had divested a 5 per cent stake in HDFC AMC by the open market transaction.
HDFC AMC had hit the capital markets in 2018 to boost an estimated Rs 2,800 crore by the preliminary public providing.
(Solely the headline and film of this report could have been reworked by the Enterprise Customary workers; the remainder of the content material is auto-generated from a syndicated feed.)
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