HDFC Life - offer for sale by SLMH06

RNS Number : 4751S

Standard Life Aberdeen plc

11 March 2019

 

Standard Life Aberdeen plc ("the Company")

Offer for sale of shares in HDFC Life Insurance Company Limited ("HDFC Life") by Standard Life (Mauritius Holdings) 2006 Limited ("SLMH06")

The Company notes that on Monday, 11 March 2019, SLMH06, a wholly owned subsidiary of the Company, informed the National Stock Exchange of India Limited and BSE Limited that it intends to commence an offer for sale process ("Offer") in respect of up to 70,000,000 shares in HDFC Life, with an option to additionally sell up to 29,500,000 shares through the Offer in event of oversubscription.  Collectively this equals up to 99,500,000 shares in HDFC Life (the "Collective Shares").

The Offer will open and close for Non Retail Investors on Tuesday, 12 March 2019 and for Retail Investors and Non Retail Investors who choose to carry forward their bids on Wednesday, 13 March 2019.  The floor price for the Offer will be Rs 357.5 per Share.  Assuming full subscription in the Offer at the floor price disclosed, SLMH06 would anticipate receiving approximately Rs 35.3bn (c£380m¹), which is subject to subscription and net of taxes and expenses, from the sale of Collective Shares pursuant to the Offer.

The Collective Shares constitute 4.93% of the paid-up, issued equity share capital of HDFC Life. Should all of the Collective Shares be sold through the Offer, SLMH06's remaining shareholding would be 24.3% of HDFC Life, based on the paid-up, issued equity share capital.  Based on today's closing share price of Rs.390.45, the value of this remaining shareholding would be approximately Rs 190.8bn (c£2.1bn¹). 

11 March 2019

¹ Based on INR|GBP exchange rate of 93.0

Enquiries:

Institutional Equity Investors Jakub Rosochowski Neil Longair	[phone]* [phone] [phone]* [phone]
Media Katy Hetherington  James Thorneley	[phone]* [phone] [phone]* [phone]
Group Secretariat Paul McKenna	[phone]*

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LEI: OTMBS544NMO7GLCE7H90

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