Company Announcements

Standard Life Aberdeen plc ("the Company")

Offer for sale of shares in HDFC Asset Management Company Limited ("HDFC AMC") by Standard Life Investments Limited ("SLI")

The Company notes that on Tuesday 16 June 2020, SLI informed the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited that it intends to commence an offer for sale process ("Offer") in respect of up to 6,000,000 shares in HDFC AMC (the "Base Shares"), with an option to additionally sell up to 6,000,000 shares (the "Additional Shares") through the Offer in event of oversubscription.  Collectively this amounts to 12,000,000 shares in HDFC AMC (the "Collective Shares").

The Offer will open and close for Non Retail Investors on Wednesday 17 June 2020 and the Offer will open and close for Retail Investors and Non Retail Investors who choose to carry forward their bids on Thursday, 18 June 2020.  The floor price for the Offer is Rs 2,362.00 per Share. 

Assuming full subscription of the Base Shares at the floor price disclosed, SLI would anticipate receiving approximately Rs 12,536bn (c£130m¹), net of taxes and expenses, from the sale pursuant to the Offer.  In the event of oversubscription and were the full amount of Additional Shares also to be sold, SLI would anticipate receiving an additional Rs 12,536bn (c£130m¹), net of taxes and expenses.  The Company intends to use the proceeds for general corporate purposes.

The Collective Shares constitute 5.64 % of the paid-up, issued equity share capital of HDFC AMC.  Should all of the Collective Shares be sold through the Offer, SLI's remaining shareholding would be 21.25% of HDFC AMC.  Based on today's closing share price of Rs 2,539.95, the value of this remaining shareholding would be approximately Rs 115bn (c£1.19bn¹). 

16 June 2020

¹ Based on INR|GBP exchange rate of 96.4700

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