InvestorQ : What is the block deal in the HDFC AMC counter?
vidhya Laxmi made post

What is the block deal in the HDFC AMC counter?

sarah Leo answered.
2 months ago

It was a day of block deals on the Indian stock exchanges. On a day when a huge block of $1.2 billion was already sold by KKR in Max Healthcare, there was another deal on HDFC AMC counter too. ABRDN Investment Management, formerly known as Standard Life Investments and a co-promoters of HDFC AMC, divested its 5.58% stake in HDFC AMC. The deal was worth close to Rs2,303 crore. In fact, ABRDN sold a total of 1.19 crore shares at a price of Rs1,935.63 per share, representing a 5.8% stake in the stock.

IN this case, the identity of the buyer was not disclosed. It must be remembered that HDFC Asset Management Company (HDFC AMC) is a joint venture between HDFC and ABRDN Investment Management. Earlier in the month of October 2021, ABRDN Investments had divested 5% stake in HDFC AMC. HDFC AMC had listed post its IPO in 2018. Recently, one of the high profile CIO of the fund, Prashant Jain, had decided to move on after a rather lengthy career with the mutual fund business of the group.