British asset manager abrdn plc said on Tuesday it sold its entire 10.2% stake in India's HDFC Asset Management Co Ltd for about 35.47 billion rupees (about $432 million).
Abrdn, a part of HDFC AMC's promoter group, had proposed to sell the stake in a range of 1,800 rupees to 1,892.45 rupees, according to a term sheet reviewed by Reuters.
HDFC AMC's stock jumped as much as 9% to 2,063 rupees. It has lost nearly half its value since hitting an all-time high in November 2019.
With the selling overhang from a large promoter receding, HDFC AMC will find some price support in the near term, said Amit Kumar Gupta, founder of equity research firm Fintrekk Capital.
The sale also comes ahead of the $40 billion merger between the asset management company's parent Housing Development Finance Corp and HDFC Bank, scheduled to close next month.
