Shares of HDFC Asset Management Company (HDFC AMC) surged over 12 percent on Tuesday after Abrdn Investment Management, formerly known as Standard Life, offloaded its entire stake in the company via block deals.
Abrdn sold 2.18 crore shares, or 10.2 percent stake to exit HDFC Asset Management Company (HDFC AMC) for a minimum of ₹3,920 crore. The offer price for the deal is in the range of ₹1,800 to ₹1,892.45 per share. The lower end of the price bank implies a discount of 0-4.9 percent as against the previous closing of ₹1,891.10 (as on June 19).
Bofa Securities India is the sole broker for the deal.
The stock rose as much as 12.3 percent to ₹2,135 in intra-day deals today and closed 11.6 percent higher at ₹2,111.55. While it is almost flat in June, up just 1 percent, it surged over 11 percent in May and rose 3.3 percent in April.
It has lost 5.5 percent in 2023 YTD but gained 7 percent in the last 1 year.
Last month, Abrdn also offloaded its entire 1.66 percent stake in HDFC Life Insurance for ₹2,036.7 crore in the block deal on May 31.
In the March quarter, HDFC AMC's standalone net profit jumped 10 percent to ₹376 crore versus ₹343 crore in the same period last year. Meanwhile, its revenue from operations rose 5 percent to ₹541 crore in Q4FY23 as against ₹516 crore in the corresponding quarter last year.
