UK-based Abrdn Investment Management Ltd. sold its entire 10.2 percent stake in HDFC Asset Management Company Ltd. in a large deal valued at over Rs 4,000 crore on Tuesday. Abrdn sold over 2 crore shares at an average price of Rs 1,873 per share.
With this, Abrdn now holds no more stake in the asset management company.
Among the buyers included Small Cap World Fund, who purchased the highest quantity of shares from those sold. The fund purchased 37.24 lakh shares at Rs 1,873 apiece for a total consideration of nearly Rs 700 crore.
SBI Mutual Fund, turned out to be the second biggest buyer in the transaction. The fund purchased 33.34 lakh shares of HDFC AMC at Rs 1,873, for a total consideration of Rs 624.61 crore.
Another major buyer in the transaction was Societe Generale, who acquired 12.25 lakh shares at Rs 1,873 each, for a total consideration to Rs 229.44 crore. The last major buyer in the transaction, was Zulia Investments PTE Ltd., who acquired 16.26 lakh shares for a total consideration of Rs 304.67 crore.
Among others, Aditya Birla Sun Life, BNP Paribas Arbitrage, ICICI Prudential Life Insurance Company, Kuwait Investment Authority and BofA Securities Europe SA also purchased HDFC AMC shares on Tuesday.
Shares of HDFC AMC are witnessing a bout of profit booking after Tuesday's surge. The stock is trading 1.8 percent lower at Rs 2,066.65.
