India's second largest private sector lender Housing Development Finance Corporation (HDFC) on Tuesday said it has acquired an additional 10 per cent stake in HDFC Asset Management Company (AMC) for Rs 181.81 crore.
The Corporation has acquired over 24.90 lakh equity shares of Rs 10 each of HDFC AMC, representing 9.90 per cent of its paid-up equity capital, from Standard Life Investments Ltd - the investment arm of UK-based Standard Life Plc.
Following this acquisition, the Corporation's shareholding in HDFC AMC would increase to 60 per cent of its paid-up equity capital while Standard Life Investments would retain the balance 40 per cent stake, the company said in a filing to the Bombay Stock Exchange.
HDFC and SLI remain the co-sponsors of HDFC Mutual Fund and are committed to the growth and development of its asset management business.
HDFC AMC is the investment manager to HDFC Mutual Fund with funds under management of Rs 41,333 crore as of September 30 this year. It is the third largest private sector mutual fund with equity assets constituting around 44 per cent of the total funds under management.
In addition, HDFC AMC also provides portfolio management and advisory services to domestic and offshore clients with funds under management of around Rs 11,434 crore as of September 30, taking the total assets under management to Rs 52,767 crore.
{{/usCountry}}In addition, HDFC AMC also provides portfolio management and advisory services to domestic and offshore clients with funds under management of around Rs 11,434 crore as of September 30, taking the total assets under management to Rs 52,767 crore.
{{/usCountry}}Shares of HDFC were trading at Rs 2520, up 2.51 per cent, at the BSE in early morning trade.