Edinburgh-based investment giant Standard Life Aberdeen said on Thursday it sold another slice of its stake in HDFC Life in India for about £172 million.

The Edinburgh firm has been selling down its stake in HDFC over the past year or two.

Standard Life Aberdeen said it intends to use the proceeds for general corporate purposes.

The sale leaves the Edinburgh firm with a remaining shareholding in HDFC Life of 8.89%, worth about £1.2 billion.

In a stock exchange statement, Standard Life Aberdeen said: “The company announces that on Thursday 3 December 2020, SLMH06, a wholly owned subsidiary of the Company, sold 27,772,684 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 619.14 which will result in SLMH06 receiving approximately Rs 17,032m (£172m), net of taxes and expenses, from the sale.  

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

“The shares sold constituted 1.37% of the paid-up, issued equity share capital of HDFC Life and SLMH06’s remaining shareholding in HDFC Life is now 8.89%, based on the paid-up, issued equity share capital.  

“Based on the current share price of Rs 647.35, the value of this remaining shareholding would be approximately Rs 116bn (£1.2bn).

“It is also noted that SLMH06’s remaining 8.89% shareholding in HDFC Life is locked in until end March 2021 and a shareholding below 10% will no longer provide SLMH06 with the right to nominate a director to the board of HDFC Life.”