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HDFC AMC drops 3% as two-day OFS by Standard Life kicks off

The floor price for the OFS has been set at Rs 3,170 per equity share.

ETMarkets.com|
Updated: Dec 04, 2019, 03.50 PM IST
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PTI
HDFC AMC
One of the promoters of HDFC AMC, Standard Life, intends to sell 2.23 per cent stake in the fund house between December 4-5. At this price, the promoter will fetch Rs 1,505.75 crore.
NEW DELHI: Shares of HDFC Asset Management Company dropped 3 per cent in Wednesday’s trade as two-day offer for sale (OFS) by Standard Life Investments kicked off.

The floor price for the OFS has been set at Rs 3,170 per equity share.

One of the promoters of HDFC AMC, Standard Life, intends to sell 2.23 per cent stake in the fund house between December 4-5. At this price, the promoter will fetch Rs 1,505.75 crore.

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.

Institutional investors can participate in the OFS on Wednesday. Retail investor can bid for the issue on Thursday.

As of September 30, Standard Life held 29.94 per cent stake in the mutual fund house, while HDFC owned 52.76 per cent.

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.

The shares of the company closed 3.26 per cent lower at Rs 3329.10 on BSE .

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