Promoter Abrdn sells entire stake in HDFC AMC for Rs 4,079 cr; Morgan Stanely, SBI MF among buyers

According to the block deal data available with the exchanges, Abrdn has sold 2.18 crore shares or 10.2% stake in the company at Rs 1,873 apiece.

Further, data showed that prominent investors lapping up shares included Morgan Stanley, Kuwait Investment Authority, Mirae Asset Mutual Fund, SBI Mutual Fund, ICICI Pru Life Insurance, Vanguard, Nippon India Mutual Fund, Societe General.

HDFC AMC has made nearly 123 times returns on its investments in HDFC AMC. The UK investor, formerly Standard Life, had acquired over 8 crore (80,515,200) shares at an average cost of Rs 15.01 before the IPO.

Abrdn had acquired 37.98% stake in the pre-offer, which was brought down to 30.03% post the IPO, according to the BSE shareholding data.

This is the second stake sale in HDFC-owned company for Abrdn ahead of the merger. Last month, it offloaded its entire stake in private insurer HDFC Life through open market transactions.

Abrdan had sold about 3.57 crore shares or 1.66% stake in HDFC Life and garnered just over Rs 2,000 crore through the transaction. On Tuesday, HDFC AMC shares closed nearly 11.39% higher at Rs 2,108.05.Technical Outlook
Analysts advise investors to buy the stock at current levels and more at dips of Rs 1,950 with a stop loss of Rs 1850 on weekly closing basis.

“In the daily chart, after making a double bottom around Rs 1,690 on May 22, the price has witnessed a sharp bull run to make a high of Rs 1988 odd levels. Volumes were at its peak as bulls were having the upper hand against bears. In the last 10-15 days, the stock has moved in the range of Rs 1880-2000. In the current week, with high volumes, the price has breached the pattern on the higher side to make new high of Rs 2050,” said Viral Chheda, Sr Technical Analyst at SSJ Finance & Securities.