HDFC acquires additional 10% stake in asset management arm

Housing Development Finance Corporation has acquired 24,90,939 equity shares of Rs 10 each of HDFC Asset Management representing 9.9 per cent of its equity capital from Standard Life Investments, for a consideration of Rs 181.81 crore

After the acquisition the corporation's shareholding in HDFC Asset Management will be 60 per cent, while Standard Life Investments will retain the balance 40 per cent.

HDFC AMC is the investment manager to HDFC Mutual Fund and is the third largest private sector mutual fund.

At 11:25 am, HDFC shares were up 1.9 per cent at Rs 2,505 on BSE, with volume traded at 929 against two-week average of 78,739 shares.