SEBI allows abrdn to sell 10.2 per cent equity stake in HDFC AMC

HDFC Asset Management Company Limited has informed in a regulatory filing that SEBI has approved abrdn Investment Management Limited to sell 10.2 per cent shares in the company.

According to the filing, HDFC AMC is in receipt of letter from abrdn Investment Management Limited, one of the promoters holding 10.21 per cent of the paid-up share capital of the Company, intimating their intention to sell the entire stake in the Company.

In addition to this, the selling has to be in compliance with the regulations, which include providing option for a period of 15 calendar days from the date of communication to the unitholders to exit the scheme at the prevailing NAV without exit load, the company said.

Consequent to the proposed stake sale, abrdn Investment Management Limited will cease to be a co-sponsor of HDFC Mutual Fund, it further added.

On Friday, at around 9:35 AM, shares of HDFC AMC was trading higher by 0.88% at Rs1865.20 per share on the BSE.