Abrdn subsidiary sells £198m of HDFC Life shares

Abrdn announced on Wednesday that its subsidiary, Abrdn Mauritius Holdings 2006 (aMH06), has sold a significant number of shares in HDFC Life Insurance.

The FTSE 100 firm said the sale took place on 31 May on the National Stock Exchange of India and the Bombay Stock Exchange.

It said aMH06 sold 35,694,1051 shares in HDFC Life at an average price of INR 579.61 (566p) per share.

This sale would result in aMH06 receiving INR 20.42bn after accounting for taxes and expenses.

Abrdn had previously indicated its intention to use a significant portion of the capital generated from such sales for share buybacks, with a further announcement to 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,” the Abrdn board said in its statement.

Reporting by Josh White for Sharecast.com.