Sale of Shares in HDFC Life

RNS Number : 2389Z

abrdn PLC

13 September 2022

 

abrdn plc ("the Company")

Sale of shares in HDFC Life Insurance Company Limited ("HDFC Life") by abrdn (Mauritius Holdings) 2006 Limited ("aMH06")

The Company announces that on Tuesday 13 September 2022, aMH06, a wholly owned subsidiary of the Company, sold 43,000,000¹ shares in HDFC Life (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 574.15¹ which will result in aMH06 receiving approximately Rs 24,345m (£262m²), net of taxes and expenses, from the sale. The proceeds will further strengthen the Company's capital resources supporting investment in the business and enabling the Company to continue to return capital in excess of business needs.

The Shares sold constituted 2.00 % of the paid-up, issued equity share capital of HDFC Life and aMH06's remaining shareholding in HDFC Life is now 1.66%, based on the paid-up, issued equity share capital.  Based on the current share price of Rs 590.15 ³ , the value of this remaining shareholding would be approximately Rs 21,065 bn (£ 227 m²).

13 September 2022

¹ Based on current trade data available, final contract amounts and price will be confirmed by the stock exchanges after market close on 13 September 2022

² Based on INR|GBP exchange rate of 92.882

³ Based on HDFC Life share price on the National Stock Exchange of India at 10.00am IST on Tuesday 13 September 2022

Enquiries:

Institutional Equity Investors Catherine Nash	[phone]
Media Andrea Ward	[phone]
Group Secretariat Kenneth Gilmour	+ 44 (0) 7734 974 073

LEI: OTMBS544NMO7GLCE7H90

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