Posted inBusiness moves

Abrdn sells stake in Indian life insurer

Company will get around £198m from the share buyback process.

Asset management giant Abrdn has sold its shares in Indian life insurer HDFC Life for around £198m ($244m, €229m).

In a statement on the London Stock Exchange on 31 May, Abrdn said it is committed to returning a “significant proportion of capital generated from further stake sales by way of share buybacks”.

It said a further announcement will be made in due course.

The 35,694,105 shares were sold on the National Stock Exchange of India and the Bombay Stock Exchange by Abrdn’s subsidiary Abrdn Mauritius Holdings.

The Abrdn subsidiary now has no remaining shareholdings in HDFC Life.

Established in 2000, HDFC Life is a life insurance provider in India.

This story first appeared on our sister publication, International Adviser.

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