31st May 2023 09:01
abrdn PLC - Edinburgh-based investor and asset manager - Sells entire remaining 1.7% stake in HDFC Life Insurance Co Ltd in India. The 35.7 million shares are sold on the National Stock Exchange of India and the Bombay Stock Exchange at INR579.6 each. abrdn will receive a total of INR20.42 billion, or GBP198 million, from the disposal after tax and expenses. It will return the proceeds to abrdn shareholders by means of share buybacks.
HDFC Life was abrdn's joint venture with Indian housing finance provider Housing Development Finance Corp Ltd, and abrdn has been selling down its stake since the initial public offering of HDFC Life in November 2017.
Current stock price: 202.85 pence, down 0.9% on Wednesday
12-month change: up 4.0%
By Tom Budszus, Alliance News reporter
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