(Alliance News) - Standard Life Aberdeen PLC said on Wednesday it has sold a stake in its Indian joint venture, HDFC Life Insurance Co Ltd.
Standard Life, through wholly-owned subsidiary Standard Life (Mauritius Holdings) 2006 Ltd, sold 100 million shares at an average price of INR575.15, totalling INR57.0 billion, or GBP622 million.
The shares represent a 4.96% stake in HDFC Life Insurance, and Standard Life will continue to hold a 14.7% interest in the venture with local firm Housing Development Finance Corp Ltd. This remaining stake is worth around GBP2.0 billion, Standard Life said.
Standard Life last sold shares in HDFC Life Insurance in August, when it disposed of a 3.33% stake. Back in 2016, Standard Life held a 35% stake in the Indian joint venture.
By Lucy Heming; lucyheming@alliancenews.com
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