Promoter Standard Life Investments on Wednesday divested a 5% stake in HDFC AMC for a little over ₹,060 crore through the open market transaction.
According to bulk deal data available with the BSE, the promoter sold a total of 1,06,50,000 shares, representing a 5% stake, of the asset management company.
The shares were divested at ₹2,873.79 apiece, a heavy discount of 6.5% from Tuesday's closing price of ₹3,075.65.
The transaction size aggregated to ₹3,060.58 crore.
Following the transaction, shares of the asset management firm plunged by 5.55% to settle at ₹2,905.05 apiece on BSE.
Meanwhile, T Rowe Price Emerging Markets Funds purchased 15,19,557 shares of the asset management firm.
HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Investments.
As of June this year, Standard Life held a 21.23% stake in the fund house, while HDFC owned a 52.65% stake.
In July 2018, HDFC AMC had hit the capital markets to raise an estimated ₹2,800 crore through the initial public offering.