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The media reports indicate that Abrdn Investment Management, previously known as Standard Life, has divested its complete 10.2% stake, equivalent to approximately 2.18 crore shares, in HDFC AMC. The transaction, amounting to Rs 4,083.14 crore, was executed at an average price of Rs 1,873, which is a 1% discount to the closing price on Monday. This sale signifies Abrdn's complete withdrawal from HDFC AMC.
The surge in HDFC AMC's stock today can be attributed to the removal of the overhang of potential block deals in the stock following Abrdn's exit.
On the BSE, 2.18 crore shares of the company were traded in the counter so far as against an average trading volume of 37,470 shares in the past three months.
On the NSE, 34.48 lakh shares of the company were traded in the counter so far as against an average trading volume of 5.67 lakh shares in the past three months.
HDFC AMC is the investment manager of HDFC Mutual Fund, one of the largest mutual funds in the country. The AMC has a diversified asset class mix across equity and fixed income/others. It also has a countrywide network of branches along with a diversified distribution network comprising banks, independent financial advisors, and national distributors.
HDFC AMC reported 9.5% jump in net profit to Rs 376.20 crore on 9.79% increase in total income to Rs 637.81 crore in Q4 FY23 over Q4 FY22.
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