20th Jun 2023 08:26
(Alliance News) - abrdn PLC on Tuesday announced that it no longer has a stake in HDFC Asset Management Co Ltd.
The investor said its subsidiary abrdn Investment Management Ltd sold 21.8 million HDFC AMC shares on the National Stock Exchange of India Ltd and the Bombay Stock Exchange Ltd, at an average price of INR1,873, around GBP17.85.
The stake was over 10% which gave abrdn a right to nominate a director to HDFC's board.
aIML will receive about INR35.47 billion, around GBP337 million. In February, abrdn said it planned to return around GBP600 million to shareholders in 2023, the amount which it returned in 2022.
"As advised at the time of the company's full year results, the company is committed to returning a significant proportion of capital generated from stake sales," the investment company said.
"aIML now has no remaining shareholding in HDFC AMC."
In August last year, abrdn sold a 6% stake in HDFC AMC for GBP225 million for an average price of INR1,935.50. Tuesday's selling price of INR1,873 is 3.2% lower.
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.
abrdn shares were largely flat at 215.30 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News reporter
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