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