HDFC AMC's offer-for-sale closes; retail investors' portion subscribed 82 pc

New Delhi, Jun 18 () HDFC Asset Management Company's offer-for-sale (OFS) by promoter Standard Life Investments closed on Thursday, with retail investors subscribing 82 per cent of the portion reserved for them.

Retail investors bid for 9,87,191 shares on Thursday as against 12 lakh scrips on offer, translating into a subscription of 82 per cent, according to data available with the National Stock Exchange.

Further, the non-retail category, who opted 'carry forward', got bids for 3,89,561 shares.

On Wednesday, OFS attracted robust response from non-retail investors as the category was subscribed 2.6 times on Wednesday.

The two-day OFS mechanism closed on Thursday.

Standard Life offered to sell a total of 60 lakh shares, representing 2.82 per cent stake, through the OFS. The floor price for the OFS was fixed at Rs 2,362 each, a 6.92 per cent discount to the closing price of Rs 2,537.65 on Tuesday.

In the event of oversubscription, Standard Life planned to sell another 60 lakh equity shares.

Overall, Standard Life planned to offload 1.2 crore equity shares or 5.64 per cent stake of the fund house.

The share sale is being undertaken by the promoter for achieving the minimum public shareholding in the company as prescribed under markets regulator Sebi's norm.

HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Investments.

Standard Life had sold 47.5 lakh equity shares, representing 2.23 per cent stake, of HDFC AMC through offer-for-sale in December last year.

As of March this year, Standard Life held 26.89 per cent stake in the mutual fund house, while HDFC owned 52.72 per cent.

In July 2018, HDFC AMC had hit the capital markets to raise an estimated Rs 2,800 crore through its initial public offering. SP HRS