Promoter Standard Life Investments on Wednesday divested a 5 per cent stake in HDFC AMC for a little over Rs 3,060 crore through the open market transaction.
According to bulk deal data available with the BSE, the promoter sold a total of 1,06,50,000 shares, representing a 5 per cent stake, of the asset management company.
The shares were divested at Rs 2,873.79 apiece, a heavy discount of 6.5 per cent from Tuesday's closing price of Rs 3,075.65.
The transaction size aggregated to Rs 3,060.58 crore.
Following the transaction, shares of the asset management firm plunged by 5.55 per cent to settle at Rs 2,905.05 apiece on BSE.
Meanwhile, T Rowe Price Emerging Markets Funds purchased 15,19,557 shares of the asset management firm.
HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Investments.
As of June this year, Standard Life held a 21.23 per cent stake in the fund house, while HDFC owned a 52.65 per cent stake.
In July 2018, HDFC AMC had hit the capital markets to raise an estimated Rs 2,800 crore through the initial public offering.
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