The brokerage said the move will alleviate the supply risk in the stock. In a notice to the stock exchanges,
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.
