HDFC transfers 26 p.c. stake in AMC to Standard Life

By Our Staff Correspondent

MUMBAI, APRIL 23. HDFC has transferred 26 per cent of the paid up share capital of HDFC Asset Management Company (AMC) to Standard Life Assurance Company, a parent company of Standard Life Investments, on April 17. The number of shares divested is 52 lakhs.

Mr. Milind Barve, managing director, HDFC AMC, said, ``In accordance with the joint participation agreement between HDFC and Standard Life Investments (SLI), HDFC had agreed to sell to Standard Life Investments or any of its associates, 26 per cent of the paid up share capital of the AMC between the 12th and 16th months after the date of allotment of shares. There is also a provision in the agreement that allows SLI to increase its stake in HDFC AMC under certain circumstances.''

HDFC AMC has six schemes under its product portfolio. which includes Liquid Fund, Growth Fund, Balanced Fund, Income Fund, Tax Plan 2000 and Children's Gift Fund.

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Section  : Business
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