HDFC AMC rose today 5% to an intraday high at Rs.2294 on the back of a 5x surge in volumes. Its 52-week high stands at Rs.2598.
The stock price rose after the company announced that one of its promoters, abrdn Investment Management will sell its entire 10.2% in the company. Prior to this, in August, abrdn had sold 5.58% stake for Rs.2300 crore thro’ an open market transaction, which works out to Rs.1935.63/share.
This time too, abrdn will sell 2.12 crore or 9.9% stake to a single buyer and the balance 0.3% will be sold separately. At the current rate, it will roughly fetch the company around Rs.4700 crore.
Post this stake sale, abrdn will cease to be a co-sponsor of HDFC Mutual Fund.
This exit comes before the merger of HDFC Bank and HDFC where the latter holds a 52.6% stake in HDFC AMC.