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.
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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.
