Promoter Abrdn Investment to sell entire stake in HDFC AMC via block deal

Promoter Abrdn Investment Management is set to sell its entire 10.2% stake in HDFC AMC through block deals, offering 2.18 crore shares at Rs 1,800-1,892 per share, a discount of almost 5% from current levels. The move comes ahead of a merger between the firms. With the sale, Abrdn will have sold both of its stakes in HDFC’s subsidiaries, following the offloading of Agreed Technologies in May. HDFC AMC has 62.77% stake in the mutual fund group and the public shareholders, which includes FPI, mutual funds and LIC, own 23.8%.