31st Dec 2007 12:09
Standard Life plc31 December 2007 Standard Life plc Standard Life plc is delighted to announce that its subsidiary Standard Life(Mauritius Holdings) 2006 Limited has increased its stake in HDFC Standard LifeInsurance Company Limited ("HDFC SL"), its Indian life insurance joint venture,to 26%, through acquiring approximately 7.15% of HDFC SL from its joint venturepartner, Housing Development Finance Corporation Limited ("HDFC"). The consideration was approximately £25.7m, payable in cash. The price wasderived from a formula set out in the joint venture agreements. Standard Life now owns the maximum shareholding currently permitted under Indianlaw. If Indian law permits Standard Life to increase its holding above 26%,subject to applicable laws and regulations, any increase will be made at a fairvalue to be agreed between HDFC and Standard Life at that time. HDFC SL has grown strongly since it started business seven years ago and now hasover 12,000 employees, more than 100,000 agents and in excess of 270 branchesgiving nationwide coverage throughout India. Annual Premium Equivalent sales from HDFC SL increased by 72% in constantcurrency in the first nine months of 2007. Standard Life and HDFC are committed to the continued growth of HDFC SL and anIPO of the business. The current intention is to launch the IPO before the endof 2009, subject to applicable regulations. 31 December 2007 Enquiries: Barry Cameron, Press Office 0131 245 6165Gordon Aitken, Investor Relations, 0131 245 6799Duncan Heath, Investor Relations, 0131 245 4742 END This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SLA.L