NEW DELHI: HDFC Asset Management Company (AMC) on Tuesday said abrdn Investment Management, one of the promoters, will sell its entire 10.2 per cent stake in the mutual fund.
“We would like to inform you that the company is in receipt of a letter from abrdn Investment Management Limited, one of the promoters holding 10.21 per cent of the paid-up share capital of the company, intimating their intention to sell the entire stake in the Company subject to applicable regulatory provisions,” said the company in a stock exchange filing.
“Consequent to the proposed stake sale, abrdn Investment Management Limited will cease to be a co-sponsor of HDFC Mutual Fund,” it added.
The UK-based company, earlier this year, had sold its 5.58 per cent stake in HDFC AMC for a little over Rs 2,300 crore through an open market transaction. The promoter sold a total of 1.19 crore shares in the mutual fund business.