HDFC AMC Shares Surge 9% After 10.2% Equity Change Hands; Abrdn Likely Seller

HDFC AMC Shares Surge 9% After 10.2% Equity Change Hands; Abrdn Likely Seller

HDFC AMC shares were down 8.5 per cent on a year-to-date basis. On Monday they closed below the levels of Rs 1,900 for the first time since May 29 this year.

FPJ Web DeskUpdated: Tuesday, June 20, 2023, 11:57 AM IST
article-image
HDFC AMC Shares Surge 9% After 10.2% Equity Change Hands; Abrdn Likely Seller |

The shares of HDFC Asset Management Company on Tuesday jumped 9 per cent to Rs 2,060 after 2.18 crore or 10 per cent of the company's equity changed hands through a block deal. The seller and the buyers of the shares are still unknown.

HDFC AMC shares were down 8.5 per cent on a year-to-date basis. On Monday they closed below the levels of Rs 1,900 for the first time since May 29 this year.

Abrdn likely seller

According to media reports, UK-based Abrdn Investment Management, promoter of HDFC AMC is likely to exit the company by selling 10.2 per cent stake through a block deal. Earlier in 2022, the company divested a 5.58 per cent stake in AMC for close to Rs 2,300 crore in open market transaction. This will be the second largest stake sale in the HDFC-owned company for Abrdn prior to the merger.

Nuvama Alternative and Quantitative Research revealed that after the stake sale the shares will need to gain close to 17 per cent in order to stand a chance to re-enter the MSCI Standard Index.

RECENT STORIES

Gold Prices Could Hit ₹1.5 Lakh Per 10 Grams By 2026 Amid Global Economic Uncertainty: Report

Gold Prices Could Hit ₹1.5 Lakh Per 10 Grams By 2026 Amid Global Economic Uncertainty: Report

GST 2.0 Already Boosting Festive Sales, Top Ministers To Highlight Diwali Impact In Dhanteras Press...

GST 2.0 Already Boosting Festive Sales, Top Ministers To Highlight Diwali Impact In Dhanteras Press...

Gold Smuggling Sees Big Spike Before Dhanteras, What’s Fueling This Illegal Rush Amid Record...

Gold Smuggling Sees Big Spike Before Dhanteras, What’s Fueling This Illegal Rush Amid Record...

Havells Q2 Profit Rises 18.86% To ₹318.28 Crore

Havells Q2 Profit Rises 18.86% To ₹318.28 Crore

Govt Extends Application Window PLI Scheme For White Goods Till November 10

Govt Extends Application Window PLI Scheme For White Goods Till November 10