Sale of shares in HDFC Life

RNS Number : 8411H

Standard Life Aberdeen plc

27 March 2020

 

Standard Life Aberdeen plc ("the Company")

Sale of shares in HDFC Life Insurance Company Limited ("HDFC Life") by Standard Life (Mauritius Holdings) 2006 Limited ("SLMH06")

The Company notes that on Friday 27 March 2020, SLMH06, a wholly owned subsidiary of the Company, sold 50,000,000¹ shares in HDFC Life (the "Shares") on the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited.

The Shares were sold at an average price of Rs 441.24¹ which will result in SLMH06 receiving approximately Rs 21,863m (£237m²), net of taxes and expenses, from the sale.  The Company intends to use the proceeds for general corporate purposes.

The Shares sold constituted 2.48% of the paid-up, issued equity share capital of HDFC Life and SLMH06's remaining shareholding in HDFC Life is now 12.25%, based on the paid-up, issued equity share capital.  Based on the current share price of Rs 455.75³, the value of this remaining shareholding would be approximately Rs 113bn (£1.2bn²).

27 March 2020

¹ Based on current trade data available, final contract amounts and price will be confirmed by the stock exchanges after market close on 27 March 2020

² Based on INR|GBP exchange rate of 92.1570

³ Based on HDFC Life share price on the National Stock Exchange of India at 10.38am IST on Friday, 27 March 2020

Enquiries:

Institutional Equity Investors Catherine Nash Neil Longair	[phone] [phone]
Media James Thorneley	[phone]
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