Sale of Shares in HDFC AMC

RNS Number : 0861W

abrdn PLC

16 August 2022

 

abrdn plc ("the Company")

Sale of shares in HDFC Asset Management Company Limited ("HDFC AMC") by abrdn Investment Management Limited ("aIML"), a wholly-owned subsidiary of abrdn plc

The Company announces that on Tuesday 16 August 2022, aIML sold 12,800,000 shares in HDFC AMC (the "Shares") on the National Stock Exchange of India Limited and Bombay Stock Exchange Limited.

The Shares were sold at a price of Rs 1,935.50 which will result in aIML receiving approximately Rs 21,958m¹ (£225m²), net of taxes and expenses, from the sale. The Company intends to use the proceeds for general corporate purposes.

The Shares sold constituted 6.00% of the paid-up, issued equity share capital of HDFC AMC and aIML's remaining shareholding in HDFC AMC is now 10.21%. Based on the share price of Rs 1,956.50³, the value of this remaining shareholding is approximately Rs 42,609m (£437m²).

It is also noted that aIML's remaining 10.21% shareholding in HDFC AMC continues to provide aIML with the right to nominate a Director to the board of HDFC AMC.

16 August 2022

¹ Based on current trade data available, final contract amounts including fees will be confirmed by the stock exchanges after market close on 16 August 2022

² Based on INR|GBP exchange rate of 97.474

³ Based on HDFC AMC closing share price on the National Stock Exchange of India on Friday, 12 August 2022

Enquiries:

Institutional Equity Investors Catherine Nash	[phone]
Media Andrea Ward	[phone]
Group Secretariat Paul McKenna	+ 44 (0)131 372 0703 *

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