Cyril Amarchand Mangaldas advises Abrdn Group in relation to block trade by Abrdn Plc in HDFC AMC

ANI PR Wire
26 Sep 2022, 18:30 GMT+10

Mumbai (Maharashtra)/ New Delhi [India], September 26 (ANI/BusinessWire India): Cyril Amarchand Mangaldas advised Abrdn Investment Management Limited, a subsidiary of Abrdn Plc (formerly known as Standard Life Aberdeen Plc), in relation to the block trade by Abrdn Plc in HDFC Asset Management Company Limited (HDFC AMC). Abrdn Investment Management is one of the promoters of the HDFC AMC and had undertaken several rounds of secondary trade of equity shares of the HDFC AMC on the stock exchange in the past.

The Capital Markets Practice of Cyril Amarchand Mangaldas advised abrdn Group on the transaction documents. The transaction team was led by Yash Ashar, Partner & Head - Capital Markets; and Abhinav Kumar, Partner; with support from Parth Desai, Senior Associate.

Tax advisory was led by SR Patnaik, Partner; with assistance from Bipluv Jhingan, Principal Associate.

As a part of the transaction, Abrdn Investment Management, undertook the sale by way of one or more share sales on the screen-based trading of BSE Limited and National Stock Exchange of India Limited for an aggregate consideration of Rs 2,477 crores (approx.). The transaction involved a sale of 12,800,000 equity shares of the face value of Rs. 5 each of HDFC AMC, representing 6.00 per cent of the paid-up equity share capital of HDFC AMC, by Abrdn Investment Management.

Other Parties and Advisors to the transaction included Jefferies India Private Limited (acted as Broker).

The aggregate value of the transaction is Rs 2,477 crore (approx.).

The transaction was signed on August 15, 2022; and closing on September 18, 2022.

This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)

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