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Standard Life Aberdeen says shareholding in Indian joint venture, HDFC AM to be valued at up to £975mln after IPO

SLA's joint venture partner, India-based Housing Development Finance Corp Ltd said the HDFC IPO price has been fixed at 1,095 to 1,100 Indian rupees per share, equivalent to 1,210p to 1,220p per share
Taj Mahal
Standard Life Investments Ltd's current shareholding of 37.98% of HDFC AM would be valued at between £970mln and £975mln

Standard Life Aberdeen PLC (LON:SL.) will see its shareholding value in Indian joint venture, HDFC Asset Management Co Ltd reach up to £975mln as the business pushes ahead with an initial public offering on the Bombay Stock Exchange.

The FTSE 100-listed insurer and asset manager noted that its joint venture partner, India-based Housing Development Finance Corp Ltd said the HDFC IPO price has been fixed at 1,095 to 1,100 Indian rupees per share, equivalent to 1,210p to 1,220p per share.

READ: Standard Life Aberdeen plans to return £1.75bn to shareholders

Based on the fixed price, the group added, Standard Life Investments Ltd's current shareholding of 37.98% of HDFC AM would be valued at between £970mln and £975mln.

In March, Standard Life Aberdeen said it had approved the sale of an 8.0% stake in HDFC as part of the IPO, which is expected to close on Friday next week.

HDFC AMC is the most profitable domestic asset management company in India.

In afternoon trading, the merged UK firm’s shares were up 1.3% at 310.5p.

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