Abrdn makes up to 126x return by selling HDFC AMC shares

UK-based Abrdn Investment Management has sold its 2.18 crore shares in HDFC Asset Management Company for 126 times the price at which it acquired them in February 2018. The stake sale was conducted at a price of between INR1,800 ($24) to INR1,892.45 per share and following the deal, the shares of HDFC AMC surged by nearly 9% on the National Stock Exchange. This is the second equity sale by Abrdn in the HDFC-owned company. Last month, it sold its entire stake to private insurer HDFC Life via open market transactions.