Abrdn said in a statement today (31 May) that it has sold all shares it held in India's HDFC Life Insurance for £198m.

The Edinburgh-headquartered asset manager said it was committed to returning a "significant proportion of capital generated from further stake sales by way of share buybacks".

It added that a further announcement will be made in due course. 

The 35,694,105 shares were sold on the National Stock Exchange of India and the Bombay Stock Exchange by Abrdn's subsidiary Abrdn Mauritius Holdings. 

The shares were sold at an average price of Rs 579.9, which will result in the Abrdn subsidiary receiving approximately Rs 20,415m or £198m, net of taxes and expenses from the sale. 

The shares sold made up 1.66 per cent of the paid-up, issued equity shared capital of HDFC Life.