Edinburgh-based investment giant Standard Life Aberdeen plc said on Wednesday it sold a £374 million stake in India’s HDFC Life Insurance Company Limited.

The sale leaves Standard Life Aberdeen with a remaining £2.3 billion stake in HDFC Life Insurance — with about 19.69% of its shares.

In a stock exchange statement, Standard Life Aberdeen said: “Sale of shares in HDFC Life Insurance Company Limited (HDFC Life) by Standard Life (Mauritius Holdings) 2006 Limited (SLMH06).

“The company notes that on Wednesday, 14 August 2019, SLMH06, a wholly owned subsidiary of the company, sold 67,100,000 shares in HDFC Life on the National Stock Exchange of India Limited and BSE Limited. 

“The shares were sold at an average price of Rs 480.70 which will result in SLMH06 receiving approximately Rs 32.0bn (£374m), 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 and SLMH06’s remaining shareholding in HDFC Life is now 19.69%, based on the paid-up, issued equity share capital.  

“Based on the current share price of Rs 504.05, the value of this remaining shareholding would be approximately Rs 200bn (£2.3bn).”