(Alliance News) - Standard Life Aberdeen PLC on Tuesday said it plans to sell 12.0 million shares in Stock Exchange of India-listed HDFC Asset Management Co Ltd.
The sale of shares will secure the investment company INR25.07 billion, about GBP260 million. It will sell the stock at INR2,362.00 each.
HDFC shares closed 2.7% lower at INR2,537.65 each in Bombay on Tuesday. Standard Life was 3.3% higher at 260.20 pence each in London on Tuesday afternoon.
Standard Life will kick off a sales process to dispose of 6.0 million shares in the asset manager, with an option to sell a further 6.0 million in event of an oversubscription.
The shares represent a 5.6% stake in HDFC. Should all 12.0 million shares be disposed, Standard Life will hold a 21% stake in HDFC, valuing the holding at about INR115 billion, about GBP1.20 billion.
By Eric Cunha; ericcunha@alliancenews.com
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