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Standard Life Aberdeen sells equity in Indian subsidiary
StockMarketWire.com
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Financial services company Standard Life Aberdeen has sold part of its stake in Indian subsidiary HDFC Life Insurance Company.
The group sold a 1.37% stake on the National Stock Exchange of India and the Bombay Stock Exchange, raising approximately £172 million after taxes and expenses.
Standard Life Aberdeen said it intended to use the proceeds for general corporate purposes.
Following the sale, the group's remaining stake in HDFC Life - held through a Mauritius-based entity - was 8.89%.
Based on HDFC Life's share price, this stake was worth approximately £1.2bn, Standard Life Aberdeen said.
This remaining shareholding in HDFC Life is locked in until end-March 2021.
Story provided by StockMarketWire.com
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