Proposed IPO of HDFC Life

RNS Number : 7085V

Standard Life plc

19 April 2016

 

Standard Life plc

19 April 2016

Proposed IPO of HDFC Life

Standard Life plc notes that, on 18 April 2016, the Board of Directors of HDFC Standard Life Insurance Company Limited ("HDFC Life") approved taking steps to initiate the process for an Initial Public Offering ("IPO") of HDFC Life which would be by way of an offer for sale by Housing Development Finance Corporation Limited of up to 10% of HDFC Life's paid-up and issued equity share capital. The intention to proceed with an IPO is subject to market conditions and applicable regulatory and other approvals including that of the Insurance Regulatory and Development Authority of India and the Securities and Exchange Board of India.

Standard Life plc, through its wholly-owned subsidiary, holds a 26% shareholding in HDFC Life and is in the process of increasing its stake to 35%, as previously announced.  Standard Life plc notes that it has no intention to dispose of its shares in HDFC Life as part of the IPO.

For further information please contact:

Institutional Equity Investors Jakub Rosochowski Neil Longair	[phone]* [phone] [phone]* [phone]

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

 

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