Abrdn sells £337m stake in India fund manager HDFC

Abrdn plc HQ, Edinburgh

Edinburgh-based Abrdn plc said subsidiary Abrdn Investment Management Limited (AIML) sold 21.8 million shares in HDFC Asset Management Company Limited (HDFC AMC) on the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited for £337 million.

HDFC AMC is Investment Manager to HDFC Mutual Fund, one of the India’s largest mutual funds.

The shares were sold at an average price of Rs 1,873.00 which will result in AIML receiving approximately Rs 35,466m (£337m), net of taxes and expenses, from the sale,” said Abrdn.

“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 stake sales.

The shares sold constituted 10.20% of the paid-up, issued equity share capital of HDFC AMC and AIML now has no remaining shareholding in HDFC AMC.”