HDFC Asset Management (AMC) said one of its promoters, abrdn Investment Management, plans to sell its entire 10.21% stake in the mutual fund company.

In a regulatory filing, the company said following the proposed stake sale, abrdn Investment will no longer be a co-sponsor of the HDFC mutual fund.

“It is now informed that the company has received a letter from one of the promoters, abrdn Investment Management Limited, which holds 10.21% of the company’s paid-up share capital, suggesting their intention to comply with applicable regulatory requirements,” HDFC AMC said on Tuesday.

Of the 10.21% stake, abrdn Investment hopes to place as many as 2,11,18,578 shares, or 9.9%, to be subscribed by a single buyer, with the remaining shares sold separately.

In August, abrdn Investment (formerly Standard Life Investments) divested its 5.58% stake in HDFC AMC for more than Rs 2,300 crore in an open market transaction.

HDFC AMC is a joint venture between Housing Development Finance Corporation (HDFC) and abrdn Investment Management.

Shares of HDFC AMC were up 2.14% at Rs 2,238 on the National Stock Exchange at 12:24 pm today, from a previous close of Rs 2,192.