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.
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