(Alliance News) - Standard Life Aberdeen PLC on Wednesday said subsidiary Standard Life Mauritius Holdings 2006 Ltd sold shares in HDFC Life Insurance Co Ltd for INR32.0 billion, or around GBP374 million, net of taxes and expenses.
The shares in HDFC Life - which offers individual and group insurance - were sold on both the National Stock Exchange of India Ltd and the Bombay Stock Exchange Ltd.
The FTSE 100-listed investment manager said 67.1 million shares were sold at a price of INR480.70 each. The shares sold were equivalent to a 3.33% stake in HDFC Life and Standard Life Mauritius Holdings 2006's remaining interest in HDFC Life is now 19.69%.
Based on the current HDFC Life share price of INR504.053, the value of this remaining shareholding is INR200 billion, about GBP2.3 billion.
Standard Life Aberdeen shares were trading 1.2% lower on Wednesday in London at 247.40 pence each.
