Sale of shares in HDFC AMC

RNS Number : 3474N

abrdn PLC

29 September 2021

 

abrdn plc ("the Company")

Sale of shares in HDFC Asset Management Company Limited ("HDFC AMC") by Standard Life Investments Limited ("SLI"), a wholly-owned subsidiary of abrdn plc

The Company announces that on Wednesday 29 September 2021, SLI sold 10,650,000¹ 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 2,873.79¹ which will result in SLI receiving approximately Rs 27,019m (£268m²), net of taxes and expenses, from the sale.  The Company intends to use the proceeds for general corporate purposes.

The Shares sold constituted 5.00% of the paid-up, issued equity share capital of HDFC AMC and SLI's remaining shareholding in HDFC AMC is now 16.22%.  Based on the current share price of Rs 2,915.40³, the value of this remaining shareholding is approximately Rs 101bn (£1.0bn²).

It is also noted that SLI's remaining 16.22% shareholding in HDFC AMC continues to provide SLI with the right to nominate a Director to the board of HDFC AMC.

29 September 2021

¹ Based on current trade data available, final contract amounts and price will be confirmed by the stock exchanges after market close on 29 September 2021

² Based on INR|GBP exchange rate of 100.680

³ Based on HDFC AMC share price on the National Stock Exchange of India at 10.00am IST on Wednesday, 29 September 2021

Enquiries:

Institutional Equity Investors Catherine Nash	[phone]
Media Andrea Ward	[phone]
Group Secretariat Paul McKenna	[phone]*

* Calls may be monitored and/or recorded to protect both you and us and help with our training. Call charges will vary.

LEI: OTMBS544NMO7GLCE7H90

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