REG - abrdn PLC - Sale of Shares in HDFC AMC

AberdeenAnnouncement

20/06/2023 07:00

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RNS Number : 2805D  abrdn PLC  20 June 2023

 

abrdn plc ("the Company")

 

 

Sale of shares in HDFC Asset Management Company Limited ("HDFC AMC") by abrdn
Investment Management Limited ("aIML")

 

The Company announces that on Tuesday 20 June 2023, aIML, a wholly owned
subsidiary of the Company, sold 21,778,305(1) shares in HDFC AMC (the
"Shares") on the National Stock Exchange of India Limited and the Bombay Stock
Exchange Limited.

 

The Shares were sold at an average price of Rs 1,873.00(1) which will result
in aIML receiving approximately Rs 35,466m (£337m(2)), net of taxes and
expenses, from the sale.  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.

 

The Shares sold constituted 10.20% of the paid-up, issued equity share capital
of HDFC AMC and aIML now has no remaining shareholding in HDFC AMC.

 

 

20 June 2023

 

 

(1) Based on current trade data available, final contract amounts and price
will be confirmed by the stock exchanges after market close on 20 June 2023

(2) Based on INR|GBP exchange rate of 105.186

 

Incorporated in 1999, HDFC AMC is Investment Manager to HDFC Mutual Fund, one
of the India's largest mutual funds. HDFC AMC has a diversified asset class
mix across Equity and Fixed Income/Others and has a countrywide network of
branches along with a diversified distribution network comprising Banks,
Mutual Fund Distributors and National Distributors. As at 31 March 2023, HDFC
AMC had profit before tax of Rs 18,761 million and gross assets of Rs 65,365
million.

 

Enquiries:

 

 Institutional Equity Investors

 Sarah Moody                     +44 (0) 7721 679 892

 Media

 Duncan Young                    +44 (0) 7920 868 865

 Group Secretariat

 Paul McKenna                    +44 (0) 7736 853 801

 

 

LEI: OTMBS544NMO7GLCE7H90

 

 

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