Asset supervisor Abrdn has shed a piece of its stake in Indian insurer HDFC at this time because it looks to bolster its balance sheet after swinging to a loss within the first half of the yr.
In an announcement on the London Stock Exchange this morning, the agency mentioned it had bought two per cent of its stake within the agency on the National Stock Exchange of India and the Bombay Stock Exchange for round £262m, with the money set to be channelled into inner funding.
“The proceeds will further strengthen the Company’s capital resources supporting investment in the business and enabling the Company to continue to return capital in excess of business needs,” the agency mentioned at this time.
The asset supervisor’s stake now sits at round 1.66 per cent, primarily based on the paid-up, issued fairness share capital.
It comes after Abrdn, which has round £508bn beneath administration, reported pre-tax losses of £320m for the primary half of the yr and final week dropped out of the FTSE 100 index, following a torrid yr by which its share value has slumped past 40 per cent.
The agency has been grappling with investor outflows because it was created through a merger of Standard Life and Aberdeen Asset Management in 2017. The investor was robbed of its vowels after a rebrand in 2021.
