Edinburgh-based investment giant Abrdn announced it sold another 6% of HDFC Asset Management Company Limited (HDFC AMC) in India to raise £225 million.
The Edinburgh firm has been selling down its stake in HDFC AMC over the past three years.
Abrdn intends to use the proceeds for general corporate purposes.
Abrdn’s remaining shareholding in HDFC AMC is now 10.21%, worth about £437 million.
On August 9, Abrdn published first-half results showing its assets under management and administration (AUMA) fell £34 billion to £508 billion in the first half of 2022 amid the global stock market rout.
Abrdn said the drop in assets reflected the lower markets and a final tranche withdrawal of assets by Lloyds Banking Group (LBG) — both of which were partly offset by inclusion of assets from recently-acquired Interactive Investor (ii).
Abrdn reported a loss before tax for the first half of £320 million “largely due to losses of £313m from the change in fair value of significant listed investments (HDFC Asset Management, HDFC Life and Phoenix) as a result of the fall in the share price of these companies in the period.”