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Standard Life Aberdn (SLA)

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Friday 27 March, 2020

Standard Life Aberdn

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

 

 

+44 (0) 7798 518 657

 

+44 (0) 7711 357 595

Media

James Thorneley 

 

+44 (0) 7768 556 334

 

Group Secretariat

Paul McKenna

 

+44 (0)131 372 0703*

 

 

* Calls may be monitored and/or recorded to protect both you and us and help with our training. Call charges will vary.

 

LEI: OTMBS544NMO7GLCE7H90

 

 

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