Standard Life sells 4.9% HDFC stake for Rs 1,018cr

Standard Life, the Edinburgh-based mutual insurance company, has sold 4.9% stake in HDFC for Rs 1,017.60 crore (128 million pounds).

The holding of Standard Life in HDFC after the sale has been reduced to 9.35%, Standard Life said in a release today.

Standard Life has two joint venture partnerships with HDFC - a life assurance company, HDFC Standard Life Insurance Company, in which it holds just under 15% and HDFC Asset Management Company in which it holds 49.9%.

Standard Life would be able to increase its share in the life insurance venture through this sale, and would do so immediately to the maximum level presently permitted by Indian laws, the release said.

"Standard Life expects to remain a major shareholder in one of India's best-known and most successful businesses. However, this share sale rebalances our holding and allows us to increase our direct interest in our insurance joint venture, which we believe has a great future", Sandy Crombie, group chief executive of Standard Life, said.