Standard Life Investments To Sell Stake Via OFS In HDFC AMC

Over the next two trading sessions, promoter firm in HDFC Asset Management Company, Standard Life Investments, will sell 5.64% stake in the firm via an offer for sale or OFS.

Standard Life Investments To Sell Stake Via OFS In HDFC AMC

As on March 31, Standard Life Investments and HDFC held 26.89 percent and 52.72 percent stake, respectively.

In a BSE filing, the mutual fund company said, "Standard Life Investments proposes to sell up to 60,00,000 equity shares (representing approximately 2.82 percent of the total issued and paid-up equity share capital of HDFC Asset Management Company) through an offer for sale issue on June 17-18".

In case of oversubscription, the company has proposed to sell additional 60 lakh shares. So overall the company would sell 1.2 crore shares which is equivalent to 5.64% of total paid-up equity.

The floor price for the sale has been fixed at Rs. 2362 shares apiece. On June 16, the stock of HDFC AMC closed at Rs. 2537.65 on the BSE.

For retail and non-retail investors, bidding will open on June 18 while non-retail investors can participate in the OFS on June 17.

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