Asset manager Abrdn said on Tuesday that it has sold a stake of around 2% in Indian insurer HDFC Life.
Abrdn sold 43m shares in HDFC on the National Stock Exchange of India and the Bombay Stock Exchange. They were sold at an average price of 574.15 rupees.
The company said proceeds from the sale will further strengthen its capital resources supporting investment in the business and enabling Abrdn to continue to return capital in excess of business needs.
Following the sale, Abrdn has a 1.66% stake in HDFC.