29th Sep 2021 09:18
(Alliance News) - Abrdn PLC has sold its 5% stake in HDFC Asset Management Co on the National Stock Exchange of India and the Bombay Stock Exchange for the equivalent of GBP268 million.
The investment and asset management firm sold the shares at an average price of INR2,873.79, or around USD38.72, meaning Abrdn will receive about INR27.02 billion or USD268 million.
Edinburgh-based Abrdn, which rebranded from Standard Life Aberdeen in July, says it intends to use the proceeds for "general corporate purposes".
Following the sale, Abrd's wholly-owned subsidiary Standard Life owns around a 16% stake in HDFC, valued at around INR101 billion or GBP1.01 billion.
Shares in Abrdn were trading up 0.4% at 251.40 pence each in London on Wednesday morning.
By Will Paige; [email protected]
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