Edinburgh-based investment group Abrdn said it has sold its remaining £198 million stake in HDFC Life, a long-term life insurance provider in India.

Abrdn has been selling down its stake in HDFC over the past three years.

“The company announces that on Wednesday 31 May 2023, aMH06, a wholly owned subsidiary of the Company, sold 35,694,105 shares in HDFC Life 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 579.6 which will result in aMH06 receiving approximately Rs 20,415m (£198m), net of taxes and expenses, from the sale. 

“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 further stake sales by way of share buybacks.  

“A further announcement will be made in due course.

“The shares sold constituted 1.66% of the paid-up, issued equity share capital of HDFC Life and aMH06 now has no remaining shareholding in HDFC Life.”