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Standard Life Aberdeen unit sells 67.1M shares in India's HDFC Life

Standard Life (Mauritius Holdings) 2006 Ltd. has sold 67.1 million shares in India-based HDFC Life Insurance Co. Ltd. at an average price of 480.7 Indian rupees per share.

The Standard Life Aberdeen PLC unit will receive approximately 32.0 billion rupees, net of taxes and expenses, from the sale.

The shares sold constituted 3.33% of the paid-up, issued equity share capital of HDFC Life. Standard Life (Mauritius Holdings)'s remaining shareholding is now 19.69%. The parent company said that based on the current share price of 504.05 rupees, the value of the remaining shareholding would be approximately 200 billion rupees.

It was announced in March that the company intended to sell up to 99.5 million shares in HDFC Life for 357.5 rupees per share.

As of Aug. 13, US$1 was equivalent to 70.9 Indian rupees.