Edinburgh-based investment giant Standard Life Aberdeen said on Thursday its subsidiary sold 40 million shares in HDFC Life Insurance Company on the National Stock Exchange of India and the Bombay Stock Exchange Limited for £207 million. 

The sale of this further stake leaves Standard Life Aberdeen with about 10.27% of HDFC Life worth about £1.1 billion.

The Edinburgh firm has been selling down stakes in HDFC Life over the past year.

“The company announces that on Thursday 4 June 2020, SLMH06, a wholly owned subsidiary of the company, sold 40,000,000 shares in HDFC Life on the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited,” said Standard Life Aberdeen.

“The shares were sold at an average price of Rs 496.40 which will result in SLMH06 receiving approximately Rs 19,657m (£207m), net of taxes and expenses, from the sale.  

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

“The shares sold constituted 1.98% of the paid-up, issued equity share capital of HDFC Life and SLMH06’s remaining shareholding in HDFC Life is now 10.27%, based on the paid-up, issued equity share capital.  

“Based on the current share price of Rs 517.80, the value of this remaining shareholding would be approximately Rs 107bn (£1.1bn).

“It is also noted that a shareholding above 10% continues to provide SLMH06 with the right to nominate one director to the board of HDFC Life and 8.89% of SLMH06’s remaining shareholding in HDFC Life is locked in until end March 2021.”