(Alliance News) - Standard Life Aberdeen PLC on Thursday said it has sold shares in HDFC Life Insurance Co Ltd in India, worth INR17.03 billion, around GBP172 million.
The Edinburgh-based investment first said its wholly owned subsidiary 2006 Ltd disposed of 27.8 million shares on the National Stock Exchange of India and the Bombay Stock Exchange at a price of INR619.14 each.
Proceeds from the share sale will go towards general corporate purposes.
Standard Life's remaining shareholding in HDFC now stands at 8.9%. Based on the current share price of INR647.53, the value of this remaining shareholding is INR116 billion.
The remaining stake is locked in until the end of March 2021. Being below 10% means that Standard Life no longer has the right to nominate one director to the board of HDFC Life.
In early June, the group had sold 40.0 million shares in HDFC through subsidiary 2006 for INR19.66 billion.
Shares in Standard Life Aberdeen were up 0.5% at 284.50 pence on Thursday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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