HDFC AMC surges 9% despite Abrdn Investment selling off entire stake

Shares of HDFC Asset Management Company jumped over 9 percent in early trade on June 20 even after Abrdn Investment Management, formerly Standard Life, offloaded its entire stake in the company.

Around 2.18 crore shares or a 10.2 percent stake in the company changed hands on the exchanges at an average price of Rs 1,873, a 1 percent discount to Monday’s closing price of Rs 1,892.45 on the NSE.

The total deal value stood at Rs 4,083.14 crore. BoFA Securities was the sole broker of this deal.

This stake sale marks Abrdn’s exit from HDFC AMC, as its total shareholding in the company stood at 10.2 percent, as per its shareholding data on BSE as on March 31.

At 9.20am, shares of HDFC AMC were trading at Rs 2,036.55, up 7.61 percent on the National Stock Exchange.

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Abrdn has been consistently paring its stake in HDFC companies for some time now. The UK-based investment firm had sold off its entire 1.66 percent stake in HDFC Life Insurance for Rs 2,036.7 crore through a block deal on May 31.

Shares of HDFC AMC surged around 18 percent in the past three months and the scrip commands a market capitalisation of Rs 40,398 crore.

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