Yesterday, after market hours, HDFC Asset Management Company announced that Standard Life Investments planned to sell 2.23% stake or 47.5 lakh shares. It set the floor price at Rs.3170/share, a discount of 8% to yesterday’s closing price of Rs.3441.45.
Standard Life has the option of selling an additional 1.81% stake or 38.5 lakh shares more. It currently has a 29.94% stake in HDFC AMC and HDFC has a 52.76% stake.
The stake-sale will be conducted on the BSE and NSE on December 4 for institutional investors and December 5 for retail investors.
The stake sale is happening to bring down the promoter stake to the SEBI limit of 75%.
The stock price is down today morning, falling over 3% to Rs.3333.85. Itsv52-week high is at Rs.3844 and low at Rs.1302.