HDFC AMC rallies 2% after Abrdn Investment Management sells entire stake in company
HDFC AMC share price: Year To Date, the stock has declined more than 9 per cent but in the past six months it has rallied more than 19 per cent.
HDFC AMC share price: Shares of HDFC Asset Management Company (AMC) (NSE: HDFCAMC) rose more than 2 per cent after the company in a regulatory filing informed that Abrdn Investment Management Limited will sell the entire stake in the company.
The stock opened at Rs 2,195 apiece and quoted Rs 2,240.55 apiece which was up by 2.21 per cent on NSE, on BSE the stock traded at Rs 2238.55 apiece as of 10:04 am.
Year To Date, the stock has declined more than 9 per cent but in the past six months it has rallied more than 19 per cent.
Investment and asset management service company, Abrdn Investment Management Limited holds 10.21 per cent in the company.
“We would like to inform that the Company is in receipt of letter from Abrdn Investment Management Limited, one of the promoters holding 10.21% of the paid-up share capital of the Company, intimating their intention to sell the entire stake in the Company subject to applicable regulatory provisions,” the filing read.
Abrdn Investment Management Limited will cease to be a co-sponsor of HDFC Mutual Fund under SEBI (Mutual Funds) Regulations, 1996.
Abrdn Investment Management Limited in a receipt of intimation letter has said that its intention at this time and subject to feasibility, is to place up to 21,118,578 shares (i.e. 9.9%) with a single buyer with the rest being sold separately.
Brokerages have maintained their rating for HDFC AMC:
HDFC AMC Q2 results
HDFC AMC Ltd’s Profit Before Tax (PBT) stood at Rs 492.85 crore and Profit After Tax (PAT) was Rs 363.85 crores.
Company’s total comprehensive income stood at Rs 364.53 crores and paid-up equity share capital (face value Rs 5) was Rs 106.66.
Asset Management company’s cash flow from operating activities was at Rs 878.11 crores which was almost 5 per cent lower than last year's same quarter.
The company’s net cash from operating activities was Rs 498.49 crores. Their net cash from investing activities was Rs 417.28 crores.
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