The Rs 2,800-crore offer for sale (OFS) in HDFC Asset Management Company (AMC) has garnered fully subscription. The share sale has received bids for 14.1 million shares as against a total of 12 million shares on offer.
Promoter Standard Life is the selling shareholder. About 600,000 shares meant for retail investors will be auctioned on Thursday.
The base price for the OFS has been set at Rs 2,362 per share. Most of the bids in the OFS have come at Rs 2,388, exchange data showed.
Shares of HDFC AMC
fell nearly 5 per cent to Rs 2,414 in the secondary market
Currently, Standard Life holds 26.89 per cent stake in HDFC AMC.
After the OFS, its stake will decline by 5.64 per cent to 21.25 per cent.
The total promoter holding will decline to 73.97 per cent, making the asset manager complaint with the 25 per cent public shareholding norms. Parent HDFC 52.72 per cent stake in HDFC AMC.
The OFS is being handled by Bank of America Securities (BofA).