REG - Standard Life Aberdn - Sale of Shares in HDFC Life

AberdeenAnnouncement

03/12/2020 07:02

RNS Number : 4129H
  
Standard Life Aberdeen plc
  
03 December 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 announces that on Thursday 3 December 2020, SLMH06, a wholly owned subsidiary of the Company, sold 27,772,6841 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 619.141 which will result in SLMH06 receiving approximately Rs 17,032m (£172m2), net of taxes and expenses, from the sale.  The Company intends to use the proceeds for general corporate purposes.
 
The Shares sold constituted 1.37% of the paid-up, issued equity share capital of HDFC Life and SLMH06's remaining shareholding in HDFC Life is now 8.89%, based on the paid-up, issued equity share capital.  Based on the current share price of Rs 647.353, the value of this remaining shareholding would be approximately Rs 116bn (£1.2bn2).
 
It is also noted that SLMH06's remaining 8.89% shareholding in HDFC Life is locked in until end March 2021 and a shareholding below 10% will no longer provide SLMH06 with the right to nominate a Director to the board of HDFC Life. 
 
 
3 December 2020
 
 
1 Based on current trade data available, final contract amounts and price will be confirmed by the stock exchanges after market close on 3 December 2020
2 Based on INR|GBP exchange rate of 98.845
3 Based on HDFC Life share price on the National Stock Exchange of India at 10.00am IST on Thursday, 3 December 2020 
 
 
 
Enquiries:
 



Institutional Equity Investors
Catherine Nash
 


 
+44 (0) 7798 518 657
 




Media
Katy Hetherington 


 
+44 (0) 7841 344 374
 




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.
 
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