Possible Strategic Combination involving HDFC Life

RNS Number : 5438H

Standard Life plc

08 June 2017

 

Standard Life plc

Announcement by Housing Development Finance Corporation Limited ("HDFC")

Standard Life plc ("Standard Life") notes the announcement today by HDFC with reference to the composite scheme of amalgamation and arrangement proposed by HDFC Standard Life Insurance Company Limited ("HDFC Life"), involving HDFC Life, Max Life Insurance Company Limited ("Max Life"), Max Financial Services Limited, and Max India Limited.

The said announcement states that, further to the representation made to the Insurance Regulatory and Development Authority of India by HDFC Life and Max Life, the Authority has on 7 June 2017, reaffirmed its original position regarding Section 35 of the Insurance Act, 1938 and that, consequently, the parties are evaluating various options with regard to the merger.

There can be no certainty that any such options will be viable in which case Standard Life intends to propose an IPO of HDFC Life at the earliest possible opportunity, subject to appropriate market conditions.

8 June 2017

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LEI: OTMBS544NMO7GLCE7H90

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