The investment management subsidiary of Abrdn has sold 12,800,000 shares in India-based HDFC Asset Management Company on 16 August 2022.
The sale took place on the National Stock Exchange of India and Bombay Stock Exchange and bagged the UK-based company a total of £225m ($271m, €267m).
The number of shares sold constituted a 6% stake in HDFC, which means that Abdrn Investment Management will retain a 10.21% shareholding in the asset manager, worth approximately £437m.
Abrdn said it intends to use the proceeds for “general corporate purposes”.
Additionally, the remaining stake in the Indian firm means that Abrdn still has the right to nominate a director to the board of HDFC.