Sale of Shares in HDFC AMC

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 21,778,305¹ 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 1,873.00¹ which will result in aIML receiving approximately Rs 35,466m (£337m²), 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	[phone]
Media Duncan Young	[phone]
Group Secretariat Paul McKenna	[phone]

LEI: OTMBS544NMO7GLCE7H90

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