LONDON (Alliance News) - Standard Life Aberdeen PLC on Monday said its wholly owned subsidiary, Standard Life Mauritius Holdings 2006, will sell up to 99.5 million shares in HDFC Life Insurance Co Ltd for about GBP380 million.
Standard Life will sell 70.0 shares in Indian life insurer HDFC but will hold an option sell an additional 29.5 million shares in the event of an over-subscription.
Assuming all 99.5 million shares are sold, at the floor price of INR357.5 per share, about GBP3.9, Standard Life will receive about GBP380 million.
The 99.5 million shares represent about 4.9% of HDFC's total issued shares. Following the sale, Standard Life will still hold a 24% interest in HDFC, which, based on a closing price of INR390.45, is worth about GBP2.1 billion.
Shares in Standard Life Aberdeen were up 2.1% Monday at 243.40 pence each.
