Edinburgh-based investment giant Standard Life Aberdeen (SLA) said it has sold more shares in Indian insurer HDFC Life for about £622 million net of taxes and expenses.

SLA said the shares sold constituted 4.96% of the issued equity share capital of HDFC Life.

Standard Life Aberdeen said its remaining stake, held through subsidiary SLMH06, is now 14.74%, valued at about £2 billion.

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

“The company notes that on Wednesday 30 October 2019, SLMH06, a wholly owned subsidiary of the company, sold 100,000,000 shares in HDFC Life on the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited. 

“The shares were sold at an average price of Rs 575.15 which will result in SLMH06 receiving approximately Rs 57.0bn (£622m), net of taxes and expenses, from the sale. 

“The shares sold constituted 4.96% of the paid-up, issued equity share capital of HDFC Life and SLMH06’s remaining shareholding in HDFC Life is now 14.74%, based on the paid-up, issued equity share capital.  

“Based on the current share price of Rs 629.70, the value of this remaining shareholding would be approximately Rs 187bn (£2.0bn).”