3 Dec 2020 07:00
Standard Life Aberdeen plc ("the Company")
Sale of shares in HDFC Life Insurance Company Limited ("HDFC Life") by Standard Life (Mauritius Holdings) 2006 Limited ("SLMH06")
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.
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.
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).
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.
3 December 2020
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
Enquiries:
Institutional Equity Investors Catherine Nash
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Media Katy Hetherington |
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