Abrdn PLC (LSE:ABDN) sold another chunk of its holding in India-based life insurer HDFC for around £268mln net in cash.
Subsidiary Standard Life Investments Limited (SLI) sold 10.65mln shares on the stock markets in India at an average price of R2,873.8 or around a 6% discount to the market price at the time.
Proceeds from the sale will be used for general corporate purposes, said a statement from Abrdn.
The shares sold constituted 5% of the paid-up, issued equity share capital of HDFC and reduces SLI's remaining shareholding to 16.22%.
Based on the current share price of Rs 2,915.40, the value of this remaining shareholding is approximately Rs 101bn (£1.0bn).
The UK group previously sold a 5.6% stake in June 2020.
SLI's remaining 16.22% stake still gives it the right to right to nominate a director to the board of HDFC, said Abrdn.