Sale of shares in HDFC AMC by SLI

RNS Number : 5364Q

Standard Life Aberdeen plc

19 June 2020

 

Standard Life Aberdeen plc ("the Company")

Sale of shares in HDFC Asset Management Company Limited ("HDFC AMC") by Standard Life Investments Limited ("SLI")

The Company confirms that on Wednesday 17 June 2020 and Thursday 18 June 2020, through the earlier announced offer for sale process, SLI sold 12,000,000 shares in HDFC AMC (the "Shares") on the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited.

The Shares were sold at an average price of Rs 2,400.81  which will result in SLI receiving approximately Rs 25,407m (£263m¹), net of taxes and expenses, from the sale.  The Company intends to use the proceeds for general corporate purposes.

The Shares sold constituted 5.64% of the paid-up, issued equity share capital of HDFC AMC and SLI's remaining shareholding in HDFC AMC is now 21.25%, based on the paid-up, issued equity share capital.  Based on the current share price of Rs 2,425.55², the value of this remaining shareholding would be approximately Rs 110bn (£1.1bn¹).

It is also noted that SLI continues to be a promoter of HDFC AMC and with a shareholding above 20% continues to retain the right to nominate two Directors to the board of HDFC AMC.

19 June 2020

¹ Based on INR|GBP exchange rate of 96.4700

² Closing share price on 18 June 2020 on the National Stock Exchange of India Limited

Enquiries:

Institutional Equity Investors Catherine Nash Neil Longair	[phone] [phone]
Media James Thorneley	[phone]
Group Secretariat Paul McKenna	[phone]*

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LEI: OTMBS544NMO7GLCE7H90

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