HDFC Bank reduces stake in CAMS, retains 3.94% ownership

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HDFC Bank has divested a 2.01 per cent stake in Computer Age Management Services Limited (CAMS) for all cash consideration of ₹252.34 crore.

The Bank sold 9,86,315 shares of CAMS (a 2.01 per cent equity stake) through the secondary market route on BSE & NSE between August 25, 2023, and January 23, 2024, per its regulatory filing. The sale price (average) was ₹2,558.43 per share.

After the divestment, HDFC Bank’s shareholding in CAMS is currently 3.94 per cent.

“We wish to inform you that out of 29,20,724 equity shares of Rs. 10 each held by erstwhile HDFC Ltd., in CAMS, after the effective date (July 1, 2023) of the merger of HDFC Ltd. with and into HDFC Bank Limited, the Bank sold 9,86,315 shares (representing 2.01% of the share capital of CAMS),” the Bank said.

According to the filing, CAMS is a technology-driven financial infrastructure and services provider to mutual funds and other financial institutions.

“As the registrar and transfer agency to the Indian mutual fund industry, CAMS serves ~69 per cent of the average assets under management – as of June 2023. The company also provides technology enabled service solutions to Alternatives and Insurance Companies,” the Bank said.