British investment manager Abrdn, formerly known as Standard Life Aberdeen, has sold a 5% stake in India-based HDFC Asset Management Company (HDFC AMC).

Standard Life Investments (SLI), Abrdn’s wholly-owned subsidiary, sold the shares on the National Stock Exchange of India and the Bombay Stock Exchange.

The shares were sold at an average price of £26.68 (INR2,873.79).

SLI received around £268m (INR27,019m) from the sale, which it will use for general corporate purposes.

Following the sale, SLI’s holdings in HDFC AMC has come down to 16.22%.

Based on the current share price of INR 2,915.403, the value of its remaining shareholding is approximately £1.0bn (INR101bn).

The firm will maintain the right to nominate a director to the HDFC AMC board.

Last month, abrdn finalised a deal to buy AI-driven wealth management platform Exo Investing from Nucoro.

In a separate development, the Securities and Exchange Board of India (Sebi) gave approval to mutual fund houses to roll out silver exchange-traded funds (ETFs) in the Indian market.

According to the market regulator, the Silver ETFs will be introduced in line with the current regulatory mechanism for gold ETFs.

In India, Gold ETFs are backed by physical gold with one Gold ETF unit equalling 1 gram of gold.

“The board approved an amendment to Sebi (Mutual Funds) Regulations, 1996 to enable the introduction of silver exchange-traded funds with certain safeguards in line with the existing regulatory mechanism for gold ETFs,” Sebi was quoted as saying in a notification by Livemint.

The move is expected to help investors diversify their portfolios with the addition of more than one ETF.