Abrdn to sell its entire 10.2% stake in HDFC AMC

Shares of HDFC Asset Management rose 3.7% to ₹2,273 on Wednesday after Morgan Stanley said it expects a short-term rally in shares of HDFC AMC once UK-headquartered abrdn Investment Management sells its entire stake of 10.2% in the company.

The brokerage said the move will alleviate the supply risk in the stock. In a notice to the stock exchanges, HDFC AMC said co-sponsor abrdn, formerly known as Standard Life Investment holding a 10.21% stake, plans to sell it entirely.



After the proposed stake sale, abrdn will cease to be a co-sponsor of HDFC Mutual Fund."We would like to inform that the company is in receipt of letter from abrdn Investment Management Limited, one of the promoters holding 10.21% of the paid-up share capital of the company, intimating their intention to sell the entire stake in the company subject to applicable regulatory provisions," HDFC AMC said.

In August, abrdn Investment Management had divested its 5.58 % stake in the asset manager for a little more than ₹2,300 crore through an open market transaction.