March 1, 2021

HDFC AMC OFS’ non-retail portion absolutely subscribed

Mumbai: The non-retail portion of Customary Life Investments’ provide on the market (OFS) of shares of HDFC Asset Administration Co (AMC) has been absolutely subscribed on the opening day on Wednesday.

Knowledge from NSE confirmed that the non-retail portion which opened for subscription earlier within the day was subscribed 1.15 instances by 2:15 pm.

Customary Life Investments kicked off an OFS for promoting as much as 60 lakh shares within the AMC, constituting 2.82 per cent of complete fairness. The 2-day OFS will shut on Thursday. Whereas the OFS opened on Wednesday for non-retail traders, it’ll open on Thursday for retail traders.

The sale worth of the OFS shares was mounted at Rs 2,362 apiece, 7 per cent low cost to Tuesday’s closing worth of Rs 2,538.

By means of the OFS, Customary Life will increase about Rs 1,417 crore. HDFC AMC operates as a three way partnership between Housing Improvement Finance Company (HDFC) and Customary Life Investments.

As of March 31, 2020, Customary Life held 27 per cent stake within the mutual fund home, whereas HDFC owned 52.76 per cent. Each HDFC and Customary Life have lower their stakes within the JV of late.

Customary Life has appointed BofA Securities because the dealer for the sale.