SLAberdeen confirms near £1bn stake in Indian associate
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Standard Life Aberdeen's stake in HDFC Asset Management Company has been valued at £982m ahead of the associate's initial public offer on the Bombay Stock Exchange.
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SLA's Standard Life Investments Limited owns a 37.98% stake in HDFC AMC, one of the largest mutual fund companies in India.
Housing Development Finance Corporation confirmed on Monday that the pricing of the IPO of HDFC AMC has been finalised at 1,100 rupees per share. The prospectus had suggested the IPO would be priced from 1,095 to 1,100 rupees per share.
Based on the offer price, SLI said its shareholding would be valued at 88.6bn rupees.
Earlier in 2018, Standard Life approved the offer for sale by SLI of up to 16.86m of HDFC AMC's shares in the IPO. The offers constitute SLI offering up to 8.01% and HDFC Limited offering up to 4.08% of HDFC AMC's equity shares representing, in aggregate, 12.09% of the paid-up equity share capital of HDFC AMC at the time.