Standard Life Aberdeen has completed the sale of a stake in Indian business HDFC Life for £30 million less than orginally expected.
The final sale price of Rs 19,657 million is the equivalent of around £207 million, with equity prices having fallen since the deal was announced in late March.
SLA set up HDFC Life as a joint venture but has been reducing its stake since it floated on the National Stock Exchange of India in 2018. It said the proceeds from selling the 1.98% stake would be used for "general corporate purposes".
The Edinburgh-headquartered investment manager went ahead with its dividend payment last month, insisting it had cash reserves to ride out the financial crisis.
SLA still holds 10.27% of the Indian business, worth around £1.1 billion, which entitles it to nominate one director to the board of HDFC Life, one of India's largest financial mutuals.
SLA said: "The company announces that on Thursday 4 June 2020, SLMH06, a wholly owned subsidiary of the Company, sold 40,000,0001 shares in HDFC Life (the "Shares") on the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited."
