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Standard Life Aberdeen's SLMH06 Sell Shares In HDFC Life

Standard Life Aberdeen plc (SLFPY.PK,SLA.L) said its wholly owned subsidiary Standard Life (Mauritius Holdings) 2006 Limited or SLMH06 has sold 27,772,684 shares in HDFC Life for an average price of Rs 619.141 on the National Stock Exchange of India Ltd. and the Bombay Stock Exchange Ltd.

The deal price would result in SLMH06 receiving about Rs 17,032 million (£172 million), net of taxes and expenses, from the sale. The company intends to use the proceeds for general corporate purposes.

The company noted that SLMH06's remaining 8.89% shareholding in HDFC Life is locked in until end March 2021 and a shareholding below 10% would no longer provide SLMH06 with the right to nominate a Director to the board of HDFC Life.

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