Banking and finance

Standard Life to sell 5% stake in HDFC AMC on Wednesday

MUMBAI: UK’s Standard Life, one of many promoters of , is trying to promote as much as 10.6 million shares of the mutual fund constituting 5 per cent whole fairness by way of a block deal on Wednesday to boost to Rs 3042 crore, in response to a time period sheet issued by JP Morgan.

The ground worth has been mounted at Rs 2,870 apiece, a 6.65 per cent low cost to Tuesday’s closing worth of Rs 3074.

HDFC AMC operates as a three way partnership between Housing Growth Finance Company (HDFC) and Commonplace Life Investments. As of June 30, 2021, Commonplace Life held a 21.23 per cent stake within the mutual fund home, whereas HDFC owned 52.65 per cent.

Commonplace Life Aberdeen has been monetizing its investments in India as a part of its plans on the father or mother stage to shore up capital reserves in its house markets.

Final June, Commonplace Life bought a 5.5 per cent stake in HDFC AMC by way of the supply on the market path to adjust to Sebi’s minimal public holding norms. Earlier in December 2019, Commonplace Life Investments bought 47.5 lakh fairness shares, representing 2.23 per cent of the full fairness share capital.

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