HDFC AMC promoter, Standard Life Investments to divest its stake

Amir Shaikh
/ Categories: Trending
HDFC AMC promoter, Standard Life Investments to divest its stake

HDFC Asset Management Company on Tuesday informed the bourses that one of its promoter-Standard Life Investments Limited proposes to sell up to 60,00,000 equity shares, which represent nearly 2.82 per cent of the total issued and paid-up equity share capital of the company.

The offer for sale (OFS) opened on June 17 for non-retail investors while, both retail as well as non-retail investors will be able to subscribe on June 18, 2020. Besides, a minimum 10 per cent of the sale shares will be reserved for retail investors.

The floor price for the sale is fixed at Rs 2,362 apiece, with nearly seven per cent discount on Tuesday’s closing price. In case of oversubscription, the promoters have kept an option to additionally sell up to 60,00,000 equity shares. In the base case, the deal size is around Rs 1,417.2 crore and with an oversubscription of additional shares, it is Rs 2,834.4 crore.

This is in-line with meeting the minimum public shareholding requirement prescribed by the regulator. At present, the minimum public shareholding requirement for listed companies is 25 per cent. As on March 2020, promoters holding in HDFC AMC stands at 79.61 per cent. At present, Standard Life holds 26.89 per cent stake in the company and HDFC holds almost 52.72 per cent.

 

Rate this article:
4.3

Leave a comment

Add comment

DSIJ MINDSHARE

Mkt Commentary28-Mar, 2024

Mindshare29-Mar, 2024

Multibaggers28-Mar, 2024

Interviews28-Mar, 2024

Multibaggers28-Mar, 2024

Knowledge

General26-Mar, 2024

MF25-Mar, 2024

General18-Mar, 2024

DALAL STREET INVESTMENT JOURNAL - DEMOCRATIZING WEALTH CREATION

Principal Officer: Mr. Shashikant Singh,
Email: principalofficer@dsij.in
Tel: (+91)-20-66663800

Compliance Officer: Mr. Rajesh Padode
Email: complianceofficer@dsij.in
Tel: (+91)-20-66663800

Grievance Officer: Mr. Rajesh Padode
Email: service@dsij.in
Tel: (+91)-20-66663800

Corresponding SEBI regional/local office address- SEBI Bhavan BKC, Plot No.C4-A, 'G' Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra.
Tel: +91-22-26449000 / 40459000 | Fax : +91-22-26449019-22 / 40459019-22 | E-mail : sebi@sebi.gov.in | Toll Free Investor Helpline: 1800 22 7575 | SEBI SCORES | SMARTODR