3 Dec 2020 07:00
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Standard Life Aberdeen plc ("the Company")
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Sale of shares in HDFC Life Insurance Company Limited ("HDFC Life") by Standard Life (Mauritius Holdings) 2006 Limited ("SLMH06")
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The Company announces that on Thursday 3 December 2020, SLMH06, a wholly owned subsidiary of the Company, sold 27,772,6841 shares in HDFC Life (the "Shares") on the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited.
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The Shares were sold at an average price of Rs 619.141 which will result in SLMH06 receiving approximately Rs 17,032m (£172m2), net of taxes and expenses, from the sale. The Company intends to use the proceeds for general corporate purposes.
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The Shares sold constituted 1.37% of the paid-up, issued equity share capital of HDFC Life and SLMH06's remaining shareholding in HDFC Life is now 8.89%, based on the paid-up, issued equity share capital. Based on the current share price of Rs 647.353, the value of this remaining shareholding would be approximately Rs 116bn (£1.2bn2).
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It is also noted that SLMH06's remaining 8.89% shareholding in HDFC Life is locked in until end March 2021 and a shareholding below 10% will no longer provide SLMH06 with the right to nominate a Director to the board of HDFC Life.
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3 December 2020
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1 Based on current trade data available, final contract amounts and price will be confirmed by the stock exchanges after market close on 3 December 2020
2 Based on INR|GBP exchange rate of 98.845
3 Based on HDFC Life share price on the National Stock Exchange of India at 10.00am IST on Thursday, 3 December 2020
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Enquiries:
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Institutional Equity Investors Catherine Nash  |  +44 (0) 7798 518 657  |
Media Katy Hetherington |  +44 (0) 7841 344 374  |
Group Secretariat Paul McKenna | Â +44 (0)131 372 0703* Â |
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* Calls may be monitored and/or recorded to protect both you and us and help with our training. Call charges will vary.
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LEI: OTMBS544NMO7GLCE7H90
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