16th Aug 2022 08:40
(Alliance News) - Edinburgh-based investment company abrdn PLC on Tuesday said it has sold a 6% stake in HDFC Asset Management Co Ltd for GBP225 million.
abrdn's wholly owned subsidiary abrdn Investment Management Ltd has sold 12.8 million HDFC shares on the National Stock Exchange of India Ltd and Bombay Stock Exchange Ltd.
This represents 6.0% of HDFC's issued share capital and the divestment was worth GBP225 million, based on an average price of INR1,935.50.
abrdn said it plans to use the proceeds for "general corporate purposes".
Following the sale, abrdn Investment Management will retain a 10% stake in HDFC, valued at around GBP437 million. This means it also retains the right to nominate a director to HDFC's board.
Shares in abrdn were down 0.2% to 175.20 pence each in London on Tuesday morning.
By Sophie Rose; [email protected]
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