Abrdn sells 5% HDFC stake for GBP268 million on Indian stock exchanges

(Alliance News) - Abrdn PLC has sold its 5% stake in HDFC Asset Management Co on the National ...

Alliance News 29 September, 2021 | 8:18AM
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(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; willpaige@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
abrdn PLC 136.20 GBX -1.45 -

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