27th Mar 2020 08:54
(Alliance News) - Standard Life Aberdeen PLC on Friday said it will net GBP237 million from the sale of a part stake in Indian joint venture HDFC Life Insurance Co Ltd.
The FTSE 100-listed investment company said unit Standard Life (Mauritius Holdings) 2006 Ltd sold 50 million shares in HDFC Life for INR21.86 billion, around GBP237 million, in total, or INR441.24 per share.
The Scottish company intends to use the proceeds from the stake sale for general corporate purposes.
The stake sale constituted 2.5% of HDFC Life, the company's venture with Indian housing finance provider Housing Development Finance Corp Ltd.
Standard Life continues to own 12.3% stake in HDFC Life, worth around INR113 billion or GBP1.2 billion.
Shares in Standard Life were down 6.0% at 242.50 pence each in London on Friday morning.
By Tapan Panchal; [email protected]
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