19th Jun 2020 13:23
(Alliance News) - Standard Life Aberdeen PLC on Friday said it has netted INR25.41 billion, around GBP263 million, from sale of a 5.6% stake in HDFC Asset Management Co Ltd, the company's Indian joint venture with Housing Development Finance Corp Ltd.
The Edinburgh, Scotland-based investment company, which initially announced the stake sale on Wednesday, said it has sold 12 million shares in HDFC Asset Management at an average price of INR2,400.81 per share.
Following the disposal, the FTSE 100-listed company continues to own roughly 21% stake in the Indian fund manager, worth around GBP1.1 billion.
Standard Life Aberdeen said it intends to use the proceeds from the stake sale for general corporate purposes.
Shares in Standard Life Aberdeen were up 1.0% at 257.50 pence each in London on Friday afternoon.
By Tapan Panchal; [email protected]
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