Standard Life obtains regulatory approvals

RNS Number : 8019T

Standard Life plc

01 April 2016

 

Standard Life plc

31 March 2016

Standard Life obtains regulatory approvals to increase stake in HDFC Life

Standard Life plc announces that all necessary regulatory approvals have been obtained to increase its stake in HDFC Standard Life Insurance Company Limited ("HDFC Life") by 9% for a consideration of approximately £179m^#.  The transaction is expected to complete within the next two weeks. This will take the total stake from 26% to 35%.

Keith Skeoch, CEO of Standard Life plc, said: "We are delighted that we have obtained the approvals necessary to increase our stake demonstrating our long-term commitment to India and the future success of HDFC Life."

^# Conversion based on INR|GBP exchange rate of 95.4523 on 31 March 2016.

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