Standard Life plc Proposed IPO of HDFC Life (7085V)
April 19 2016 - 1:23PM
UK Regulatory
TIDMSL.
RNS Number : 7085V
Standard Life plc
19 April 2016
Standard Life plc
19 April 2016
Proposed IPO of HDFC Life
Standard Life plc notes that, on 18 April 2016, the Board of
Directors of HDFC Standard Life Insurance Company Limited ("HDFC
Life") approved taking steps to initiate the process for an Initial
Public Offering ("IPO") of HDFC Life which would be by way of an
offer for sale by Housing Development Finance Corporation Limited
of up to 10% of HDFC Life's paid-up and issued equity share
capital. The intention to proceed with an IPO is subject to market
conditions and applicable regulatory and other approvals including
that of the Insurance Regulatory and Development Authority of India
and the Securities and Exchange Board of India.
Standard Life plc, through its wholly-owned subsidiary, holds a
26% shareholding in HDFC Life and is in the process of increasing
its stake to 35%, as previously announced. Standard Life plc notes
that it has no intention to dispose of its shares in HDFC Life as
part of the IPO.
For further information please contact:
Institutional Equity +44 (0) 131 245 8028*
Investors +44 (0) 7515 298 608
Jakub Rosochowski +44 (0) 131 245 6466*
Neil Longair +44 (0) 7711 357 595
* Calls may be monitored and/or recorded to protect both you and
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This information is provided by RNS
The company news service from the London Stock Exchange
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