HDFC Asset Management Company said in a filing to BSE that its promoter entity Standard Life Investments is going to sell its 5.64 per cent stake through an offer for sale in the next two trading sessions. It said, “Standard Life Investments proposes to sell up to 60,00,000 equity shares (representing approx. 2.82 per cent of the total issued and paid-up equity share capital of HDFC Asset Management Company) through an offer for sale issue on June 17-18”.
As of March 31, Standard Life Investments had a total of 26.89 per cent stake in the company.
According to the company, in the event of an oversubscription option being exercised, “Standard Life also proposed an option to sell another 60,00,000 equity shares”. Standard Life on a total is planning to sell 1.2 crore equity shares of HDFC AMC. On the Bombay Stock Exchange, the floor price was pegged at Rs 2,362 per share while the counter ended on June 16 at Rs 2,537.65, down 2.48 per cent.
On June 17, the sales will be open for non-retail investors while on June 18, it will be open for both retail and non-retail investors. According to the company, Standard Life will use a separate designated window on the BSE and NSE to sell the shares during the normal exchange trading hours.
The company further said, “Non-retail investors who have placed their bids on T day (June 17) and have chosen to carry forward their unallotted bids to T+1 day (June 18), shall be allowed to revise their bids on T+1 day”.