(Alliance News) - Standard Life Aberdeen PLC on Thursday said it sold shares in HDFC Life Insurance Co Ltd in India, worth about GBP207 million.
The Edinburgh-based investment company said its wholly owned subsidiary 2006 Ltd sold 40.0 million shares on the National Stock Exchange of India and the Bombay Stock Exchange at a price of INR496.40 each, about GBP5.25.
Standard Life said it intends to use the INR19.66 billion received from the sale for general corporate purposes.
Standard Life's remaining shareholding in HDFC Life is now just over 10%. Based on the current share price of INR517.803, the value of this remaining shareholding is INR107 billion.
Standard Life Aberdeen noted that a shareholding above 10% continues to provide 2006 with the right to nominate one director to the board of HDFC Life, and said 8.9% of 2006's remaining shareholding in HDFC Life is locked in until end March 2021.
Standard Life Aberdeen shares were trading 1.9% lower in London early on Thursday at 266.92 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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