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Standard Life Aberdeen Unit Sells 40 Mln Shares In HDFC Life For £207 Mln

Standard Life Aberdeen plc (SLA.L) announced Thursday that its unit Standard Life (Mauritius Holdings) 2006 Limited or SLMH06 sold 40 million shares in HDFC Life Insurance Co. Ltd.

The shares were sold on Indian stock markets, the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited.

The shares were sold at an average price of 496.401 Indian rupees per share. With the sale, SLMH06 received about 19.657 billion rupees or 207 million pounds.

The company intends to use the proceeds for general corporate purposes.

The company said the shares sold constituted 1.98 percent of the paid-up, issued equity share capital of HDFC Life.

SLMH06's remaining shareholding in HDFC Life is now 10.27 percent, based on the paid-up, issued equity share capital, at a value of about 107 billion rupees or 1.1 billion pounds.

With shareholding above 10 percent, SLMH06 continues to hold the right to nominate one Director to the board of HDFC Life and 8.89 percent of SLMH06's remaining shareholding in HDFC Life is locked in until end March 2021.

HDFC Life shares are currently trading at 517 rupees, up 3.12 percent on the NSE.

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