Asset administration large Abrdn has bought its shares in Indian life insurer HDFC Life for round £198m ($244m, €229m).

In a statement on the London Stock Exchange on 31 May, Abrdn stated it’s dedicated to returning a “significant proportion of capital generated from further stake sales by way of share buybacks”.

It stated an extra announcement will probably be made sooner or later.

The 35,694,105 shares have been bought on the National Stock Exchange of India and the Bombay Stock Exchange by Abrdn’s subsidiary Abrdn Mauritius Holdings.

The Abrdn subsidiary now has no remaining shareholdings in HDFC Life.

Established in 2000, HDFC Life is a life insurance coverage supplier in India.