REG - abrdn PLC - Sale of shares in HDFC Life

AberdeenAnnouncement

31/05/2023 07:00

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RNS Number : 1437B  abrdn PLC  31 May 2023

 

abrdn plc ("the Company")

 

 

Sale of shares in HDFC Life Insurance Company Limited ("HDFC Life") by abrdn
(Mauritius Holdings) 2006 Limited ("aMH06")

 

The Company announces that on Wednesday 31 May 2023, aMH06, a wholly owned
subsidiary of the Company, sold 35,694,105(1) 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 579.6(1) which will result in
aMH06 receiving approximately Rs 20,415m (£198m(2)), net of taxes and
expenses, from the sale.  As advised at the time of the Company's Full Year
Results, the Company is committed to returning a significant proportion of
capital generated from further stake sales by way of share buybacks.  A
further announcement will be made in due course.

 

The Shares sold constituted 1.66% of the paid-up, issued equity share capital
of HDFC Life and aMH06 now has no remaining shareholding in HDFC Life.

 

 

31 May 2023

 

 

(1) Based on current trade data available, final contract amounts and price
will be confirmed by the stock exchanges after market close on 31 May 2023

(2) Based on INR|GBP exchange rate of 102.958

 

Established in 2000, HDFC Life is a leading, listed, long-term life insurance
solutions provider in India, offering a range of individual and group
insurance solutions that meet various customer needs such as Protection,
Pension, Savings, Investment, Annuity and Health. As at 31 March 2023, HDFC
Life had profit before tax of Rs 12,822 million and gross assets of Rs
2,397,008 million.

 

 

Enquiries:

 

 Institutional Equity Investors

 Catherine Nash                  +44 (0) 7798 518 657

 Media

 Duncan Young                    +44 (0) 7920 868 865

 Group Secretariat

 Paul McKenna                    +44 (0) 7736 853 801

 

 

LEI: OTMBS544NMO7GLCE7H90

 

 

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