Standard Life Aberdeen sells 1.37% stake in HDFC Life for Rs 1,703 cr

UK-based Standard Life Aberdeen on Thursday said it has sold 1.37 per cent stake in HDFC Life Insurance Company for Rs 1,703.2 crore.

Standard Life (Mauritius Holdings), a wholly-owned subsidiary of Standard Life Aberdeen, sold 27,772,684 shares of HDFC Life at an average price of Rs 619.14, receiving approximately Rs 17,032 million (172 million pounds), net of taxes and expenses, the company said in a filing to the London Stock Exchange.

The shares sold constituted 1.37 per cent of the paid-up, issued equity share capital of HDFC Life. The remaining shareholding of Standard Life (Mauritius Holdings) in HDFC Life is now 8.89 per cent, it added.

"Based on the current share price of Rs 647.353, the value of this remaining shareholding would be approximately Rs 116 billion (1.2 billion pounds)," it said.

It added that the 8.89 per cent shareholding in HDFC Life is locked in until end March 2021.

A shareholding below 10 per cent will no longer provide Standard Life (Mauritius Holdings) with the right to nominate a director to the board of HDFC Life, it said.