Finace And Stock

Two major block deals worth Rs 6,017 crore were executed on Wednesday

MUMBAI: Two major block deals together worth Rs 6,017 crore were executed on Wednesday. UK’s Standard Life sold 10.7 million HDFC Asset Management Company shares, while Kayak Investments Holding offloaded 84.4 million shares of Max Healthcare Institute.

Standard Life, which held a 21.23 per cent stake in HDFC AMC, sold 5 per cent of total equity at Rs 2873.79 per share on BSE to raise Rs 3,061 crore. T. Rowe Price Emerging Markets Stock Fund acquired 15.20 lakh shares while the names of other buyers were not disclosed. The UK-based insurer fixed a floor price of Rs 2,870 apiece, a 6.65 per cent discount to Tuesday’s closing price of Rs 3074. Shares of

declined 5.5 per cent to Rs 2905 on Wednesday.

HDFC AMC operates as a joint venture between

(HDFC) and Standard Life Investments. Standard Life Aberdeen has been monetizing its investments in India to shore up its capital reserves in its home market.

Last June, Standard Life sold a 5.5 per cent stake in HDFC AMC through the offer for sale route to comply with Sebi’s minimum public holding norms. Earlier in December 2019, Standard Life Investments sold 47.5 lakh equity shares, representing 2.23 per cent of the total equity capital.

In another block deal, Kayak Investments Holding, one of the promoters of Max Healthcare Institute, sold 84.4 million shares or 8.74 per cent of the total equity for Rs 2956 crore. The deal was executed at Rs 350 per share compared to a floor price of Rs 350-369.7 per share announced by the bankers the previous day.

SBI Mutual Fund bought 43 million shares, while HDFC Mutual Fund and Veritas Fund acquired 5.7 million and 5.2 million shares, respectively. Shares of Max Healthcare declined 3.56 per cent to close at Rs 355 on Wednesday. Kayak Investments held a 47.24 per cent stake in Max Healthcare as of June 30, 2021.

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