Standard Life to exercise green shoe option partially

Standard Life Investments, one of the promoters of HDFC Asset Management Company, plans to exercise green shoe option partially.

Of the 3,850,000 equity shares representing 1.81 per cent of the total issued equity share capital under the green shoe option, it will now offload 1,835,509 equity shares.

On Wednesday, Standard Life Investments offered 4,750,000 equity shares representing 2.23 per cent of the paid-up equity share capital of the company to non-retail investors.

On Thursday, it will sell the non-subscribed portion to retail investors and for non-retail investors who choose to carry forward their unallotted bids with an option to additionally sell up to 3,850,000 equity shares, it said.

The floor price for the sale was Rs 3,170 per equity share, it said.

On Wednesday, the shares of HDFC AMC dropped three per cent to Rs 3,329.