By CNBCTV18.com Sept 29, 2021 11:10:02 AM IST (Updated)
Shares of HDFC Asset Management Company (HDFC AMC) slumped nearly 7 percent on Wednesday hitting the intraday low at Rs 2,871.05 earlier in the session. Foreign Promoter Standard Life Investments was expected to offload 1.6 crore shares of HDFC AMC through open market today.
Shares of HDFC Asset Management Company (HDFC AMC) slumped nearly seven percent on Wednesday hitting an intraday low at Rs 2,871.05 earlier in the session.
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About 1.2 crore shares or about 5.6 percent stake in the company worth Rs 3,416.3 crore exchange hands on the NSE at an average of Rs 2,896 per share.
Foreign promoter Standard Life Investments was expected to offload 1.6 crore shares of HDFC AMC through the open market today.
The floor price was fixed at Rs 2,870 which means a near seven percent discount to Tuesday's closing price. The deal size is about Rs 3,042 crore.
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HDFC AMC is a joint venture between the Housing Development Finance Corporation and Standard Life Investments, with Standard Life holding 21.23 percent and HDFC 52.65 percent as of June 30.
JP Morgan India is acting as the book-running lead manager for the deal.
In the past three years, the stock has jumped 120 percent, but the stock was trading flat Year-To-Date.
At 10:09 am, shares of HDFC AMC were trading 5.2 percent lower at Rs 2,916.
First Published: Sept 29, 2021 11:03 AM IST
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