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Standard Life Aberdeen sells down stake in India-listed HDFC Life

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Standard Life Aberdeen PLC (LON:SLA) has sold £207mln worth of shares in an India-based joint venture. 

The FTSE 100 investment company sold 40mln shares in HDFC Life, a stake of just under 2% in the India-listed outfit, at a price of 496.401 Indian rupees.

Its remaining stake now stands at 10.27%, which based on the sale price is valued at roughly 107bn rupees or around £1.1bn.

Standard Aberdeen said it would use the proceeds of the sale for general corporate purposes.

Of the remaining stake in HDFC Life, 8.89% is locked in until the end of March 2021.

SLA shares were down almost 2% to 267.7p on Thursday morning.

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