Life assurance business Abrdn said on Wednesday that it had sold 10.65m shares in asset manager HDFC on the National Stock Exchange of India and the Bombay Stock Exchange.
Abrdn sold the shares in HDFC, a joint venture between the Housing Development Finance Corporation and Standard Life Investments, at an average price of RS 2,873.79 (£28.60), which will result in it receiving approximately RS 2.70bn (£268.0m), net of taxes and expenses.
The FTSE 100-listed company, which still holds a 16.22% stake in HDFC, intends to use the proceeds for general corporate purposes.
As of 0850 BST, Abrdn shares were up 0.28% at 251.0p.
