4 Jun 2020 07:00
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 4 June 2020, SLMH06, a wholly owned subsidiary of the Company, sold 40,000,0001 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 496.401 which will result in SLMH06 receiving approximately Rs 19,657m (£207m2), net of taxes and expenses, from the sale. The Company intends to use the proceeds for general corporate purposes.
The Shares sold constituted 1.98% of the paid-up, issued equity share capital of HDFC Life and SLMH06's remaining shareholding in HDFC Life is now 10.27%, based on the paid-up, issued equity share capital. Based on the current share price of Rs 517.803, the value of this remaining shareholding would be approximately Rs 107bn (£1.1bn2).
It is also noted that a shareholding above 10% continues to provide SLMH06 with the right to nominate one Director to the board of HDFC Life and 8.89% of SLMH06's remaining shareholding in HDFC Life is locked in until end March 2021.
4 June 2020
1 Based on current trade data available, final contract amounts and price will be confirmed by the stock exchanges after market close on 4 June 2020
2 Based on INR|GBP exchange rate of 95.1827
3 Based on HDFC Life share price on the National Stock Exchange of India at 10.30am IST on Thursday, 4 June 2020
Enquiries:
Institutional Equity Investors Catherine Nash
Neil Longair
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+44 (0) 7798 518 657
+44 (0) 7711 357 595 |
Media James Thorneley |
+44 (0) 7768 556 334
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