By Malvika Gurung
Investing.com — Shares of the financial company HDFC Asset Management Company (NS:) jumped 9% in Tuesday’s intraday trade and touched the session’s high at Rs 2,063 apiece despite the promoter selling its entire stake in the company.
The UK-based investment firm Abrdn Investment Management offloaded a total of 2,17,78,305 equity shares of HDFC AMC via block deals on Monday, exiting the company entirely.
Abrdn Investment Management, a promoter company of HDFC AMC, sold off its entire 10.2% stake in the financial major at an average price of Rs 1,873 per share on the stock exchanges in the previous session.
The total value of the transaction stood at Rs 4,083.14 crore and BoFA Securities acted as the sole broker of this HDFC AMC deal, stated reports.
As per the company’s shareholding pattern as on March 31, 2023, Abrdn Investment Management (formerly Standard Life Investments) held a 10.2% stake or over 2.17 crore shares of HDFC AMC.
The UK-based investment and asset management services provider had sold off its entire shareholding and exited its 1.66% stake in HDFC Life Insurance (NS:) on May 31, 2023, and has extended its selling run in HDFC-led firms ahead of the merger.
