Abrdn Exits HDFC AMC: Shares Surge 9% in Early Trade

HDFC Asset Management Company witnessed a significant surge in its shares, rising more than 9 percent during early trade on June 20. This increase occurred despite Abrdn Investment Management, previously known as Standard Life, selling its complete stake in the company.

During the exchange, approximately 2.18 crore shares, accounting for a 10.2 percent stake in the company, were traded at an average price of Rs 1,873. This price represented a 1 percent discount compared to the previous day's closing price of Rs 1,892.45 on the NSE. The total value of the transaction reached Rs 4,083.14 crore, with BoFA Securities acting as the sole broker for the deal.

This stake sale marks Abrdn's complete exit from HDFC AMC, as their total shareholding in the company stood at 10.2 percent based on their shareholding data on BSE as of March 31. Despite this exit, shares of HDFC AMC continued to perform well in the market. At 9:20 am, the company's shares were trading at ₹2,036.55, reflecting a 7.61 percent increase on the National Stock Exchange.

Abrdn has been gradually reducing its stake in HDFC companies over time. In fact, on May 31, the UK-based investment firm sold its entire 1.66 percent stake in HDFC Life Insurance for Rs 2,036.7 crore through a block deal. Over the past three months, shares of HDFC AMC have surged approximately 18 percent, resulting in a market capitalization of Rs 40,398 crore.