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Standard Life Aberdeen unit to sell 4% stake in HDFC AMC

Tue, 3rd Dec 2019 12:58

Dec 3 (Reuters) - Asset manager Standard Life Aberdeen
said its unit plans to sell an up to 4% stake in
India-based HDFC Asset Management Co for as much as
258 million pounds ($331.01 million).

The company said on Tuesday that Standard Life Investments
would sell up to 4.8 million HDFC shares for 3,170 Indian rupees
each ($44.17), which would result in proceeds of about 142
million pounds net of taxes and expenses. The company will use
the money to buy back shares.

There is an option to sell 3.9 million more shares to meet
increased demand.

After the sale, Standard Life Investments' holding in HDFC
AMC would be reduced to 25.9%. HDFC AMC stock has surged 90% in
value since its 2018 debut.

($1 = 71.7700 Indian rupees)
($1 = 0.7794 pounds)
(Reporting by Muvija M in Bengaluru; Editing by Bernard Orr)

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