Edinburgh-based investment giant abrdn said on Wednesday it sold another 5% of HDFC Asset Management Company Limited in India to raise £268 million.

The money will be used for general corporate purposes. The Edinburgh firm has been selling down its stake in HDFC over the past two years.

abrdn’s remaining shareholding in HDFC is now 16.22%, worth about £1 billion.

The sale was carried out by Standard Life Investments Limited (SLI), a wholly-owned subsidiary of abrdn plc.

“The company announces that on Wednesday 29 September 2021, SLI sold 10,650,000 shares in HDFC AMC on the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited,” said abrdn.

“The shares were sold at an average price of Rs 2,873.79 which will result in SLI receiving approximately Rs 27,019m (£268m), net of taxes and expenses, from the sale.  

“The company intends to use the proceeds for general corporate purposes.

“The shares sold constituted 5.00% of the paid-up, issued equity share capital of HDFC AMC and SLI’s remaining shareholding in HDFC AMC is now 16.22%.  

“Based on the current share price of Rs 2,915.40, the value of this remaining shareholding is approximately Rs 101bn (£1.0bn).

“It is also noted that SLI’s remaining 16.22% shareholding in HDFC AMC continues to provide SLI with the right to nominate a director to the board of HDFC AMC.”