Standard Life to sell 2.23% stake in HDFC AMC via OFS mechanism
In a regulatory filing to stock exchanges, Standard Life has proposed to sell up to 47.5 lakh equity shares, representing 2.23 per cent of the total issued and paid-up equity share capital of HDFC AMC through offer-for-sale mechanism.
Besides, there will be an option to additionally sell up to 38.5 lakh equity shares, amounting to 1 .81 per cent stake of the fund house.The stake-sale will be conducted on the BSE and NSE on December 4 for institutional investors and December 5 for retail investors.
Shares of HDFC AMC ended at Rs 3,441.45 apiece on the BSE, up 1.34 per cent from the previous close.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.As of September this year, Standard Life held 29.94 per cent stake in the mutual fund house, while HDFC owned 52.76 per cent. DSP Merrill Lynch is the broker for Standard Life.
(This story has not been edited by Business Insider and is auto-generated from a syndicated feed we subscribe to.)
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