UK’s abrdn to sell shares in India’s HDFC Asset Management Co – report

BENGALURU (Reuters) – British asset manager abrdn plc is to sell shares in HDFC Asset Management Company Ltd worth up to 41.26 billion rupees ($503.5 million), Indian business news channel CNBC-TV18 said in a Twitter post, citing sources.

The sale of shares will likely be done at a price range of 1,800 rupees to 1,892.45 rupees per share through block deals, the report added.

The lower end of the price range represents a discount of 4.9% from HDFC AMC’s closing price on Monday.

HDFC Asset Management Company and abrdn did not immediately respond to requests for comments from Reuters.

($1 = 81.9435 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Jan Harvey)