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HDFC AMC shares fall 3% as Standard Life Investments to sell 2.82% stake

HDFC AMC shares fall 3% as Standard Life Investments to sell 2.82% stake

HDFC AMC shares fall 3% as Standard Life Investments to sell 2.82% stake
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By Ankit Gohel  Jun 17, 2020 12:31 PM IST (Published)

The stock fell 3.14 percent to hit an intraday low of Rs 2,459.00 apiece on the BSE.

The share price of HDFC Asset Management Company declined over 3 percent on Wednesday after its offer for sale (OFS) of up to 60,00,000 equity shares began. The company had announced that its promoter Standard Life Investments will sell up to 60 lakh shares or 2.82 percent stake with an option to sell an additional 60 lakh shares via an offer for sale on June 17-18 at a floor price of Rs 2,362 per share.

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The stock fell 3.14 percent to hit an intraday low of Rs 2,459.00 apiece on the BSE.
“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,” HDFC AMC said in a regulatory filing on Tuesday.
As of March 31, Standard Life Investments held 26.89 percent while Housing Development Finance Corporation Ltd (HDFC) held 52.72 percent stake in HDFC AMC.
In the event the oversubscription option is exercised, Standard Life also proposed an option to sell another 60,00,000 equity shares.
The issue opens for non-retail investors on June 17, and on June 18, non-retail, as well as retail investors, can participate.
“Non-retail investors who have placed their bids on T day (June 17) and have chosen to carry forward their unallotted bids to T+1 day (June 18), shall be allowed to revise their bids on T+1 day,” the company added.
 
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