Edinburgh-based fund management giant Standard Life Aberdeen said on Friday it raised £237 million for “general corporate purposes” from the sale of shares in HDFC Life on the National Stock Exchange of India and the Bombay Stock Exchange.

The sale leaves the Edinburgh asset manager with a remaining shareholding in HDFC Life of 12.25% worth about £1.2 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 Friday 27 March 2020, SLMH06, a wholly owned subsidiary of the company, sold 50,000,000 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 441.24 which will result in SLMH06 receiving approximately Rs 21,863m (£237m), net of taxes and expenses, from the sale.  

“The company intends to use the proceeds for general corporate purposes.

“The shares sold constituted 2.48% of the paid-up, issued equity share capital of HDFC Life and SLMH06’s remaining shareholding in HDFC Life is now 12.25%, based on the paid-up, issued equity share capital.  

“Based on the current share price of Rs 455.75, the value of this remaining shareholding would be approximately Rs 113bn (£1.2bn.).”