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The Markets
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The Markets
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Financial Services

abrdn unit offloads £337mln stake in Indian asset manager

Shares in abrdn PLC marked time in early trade after it moved to offload a £337mln stake in an Indian asset manager - with some of the cash expected to be handed back to investors.

The company said its subsidiary aIML has sold its entire holding in HDFC Asset Management.

The UK group held just under 22mln shares, amounting to a stake of 10.2%.

"As advised at the time of the company's full-year results, the company is committed to returning a significant proportion of capital generated from stake sales," investors were told.

At 8.20 am, the shares were changing hands for 215.3p, up 0.1p.

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