Abrdn has sold all of its shares in Indian life insurer HDFC Life Insurance Company Limited.
In a statement to the London Stock Exchange the global investment firm revealed subsidiary Abrdn (Mauritius Holdings) 2006 Limited sold 35,694,1051 shares in HDFC Life on the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited.
The shares were sold at an average price of Rs 579.61 which will result in Abrdn receiving approximately Rs 20.4bn (£198m), net of taxes and expenses, from the sale.
The firm added it is committed to returning a significant proportion of capital generated from further stake sales by way of share buybacks and further announcement will be made in due course.
The shares sold constituted 1.66% of the paid-up, issued equity share capital of HDFC Life and the Abrdn subsidiary now has no remaining shareholding in HDFC Life following the deal.