Cyril Amarchand Mangaldas Advised Block trade by abrdn Investment Management Limited (formerly Standard Life Investments Limited) in HDFC AMC

Cyril Amarchand Mangaldas Advised Block trade by abrdn Investment Management Limited (formerly Standard Life Investments Limited) in HDFC AMC

Cyril Amarchand Mangaldas acted as the Indian legal and Tax Counsel to Abrdn Investment Management Limited (formerly Standard Life Investments Limited) with respect to the sale of 21,778,305 equity shares of the face value of Rs. 5 each (Equity Shares) of HDFC Asset Management Company Limited (HDFC AMC) by way of a sale on the screen-based trading system of BSE Limited.

As part of the transaction, Abrdn Investment Management Limited sold equity shares representing approximately 10.20% of the total issued and paid-up Equity Share capital of HDFC AMC, by way of sale on the screen-based trading system of BSE Limited (BSE) (the Sale) for an aggregate consideration of Rs. 3,999 crores (approx).

Abrdn Investment Management Limited is one of the promoters of HDFC AMC and has undertaken multiple share sale after the IPO of HDFC AMC. With this Sale, Abrdn Investment Management Limited has sold its entire stake in HDFC AMC.

The Capital Markets Practice of Cyril Amarchand Mangaldas advised Abrdn Investment Management Limited on the transaction.

The transaction team was led by Abhinav Kumar, Partner & Regional Head Markets Practice (Western Region); with support from Jhalak Shah, Senior Associate; and Indira Satish, Associate.

Kunal Savani, Partner; with support from Bipluv Jhingan, Principal Associate; and Lakshya Gupta Associate; advised on the taxation aspect in the transaction.

Other parties to the transaction included BofA Securities India Limited (acted as broker), S&R Associates (acted as Indian legal counsel for broker), Linklaters (acted as International legal counsel for broker).

The Transaction was signed on 20th June 2023 and closed on 21st June 2023.

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