Offer for sale of shares in HDFC Life by SLMH06

RNS Number : 9178X

Standard Life Aberdeen plc

02 May 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 Thursday 2 May 2019, SLMH06, a wholly owned subsidiary of the Company, informed 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 36,000,000 shares in HDFC Life (the "Shares").

The Offer will open and close for Non Retail Investors on Friday 3 May 2019 and the Offer will open and close for Retail Investors and Non Retail Investors who choose to carry forward their bids on Monday 6 May 2019.  The floor price for the Offer is Rs 390.0 per Share.  Assuming full subscription in the Offer at the floor price disclosed, SLMH06 would anticipate receiving approximately Rs 13.9bn (c£154m¹), net of taxes and expenses, from the sale of Shares pursuant to the Offer.

The Shares constitute 1.78% of the paid-up, issued equity share capital of HDFC Life. Depending on the extent of take up in the Offer, HDFC Life could then achieve the 25% minimum public shareholding requirements.   

SLMH06's remaining shareholding would be 22.87% of HDFC Life, based on the paid-up, issued equity share capital.  Based on today's closing share price of Rs 417, the value of this remaining shareholding would be approximately Rs 192bn (c£2.1bn¹). 

2 May 2019

¹ Based on INR|GBP exchange rate of 90.6

Enquiries:

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

* Calls may be monitored and/or recorded to protect both you and us and help with our training. Call charges will vary.

LEI: OTMBS544NMO7GLCE7H90

END

 

END

 

 

MSCFMGGKMZFGLZM