TOP NEWS: Standard Life Indian Associate To Float 20% As Merger Fails (ALLISS)

LONDON (Alliance News) - Standard Life PLC said Monday the directors of its Indian associate ...

Alliance News 17 July, 2017 | 5:52PM
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LONDON (Alliance News) - Standard Life PLC said Monday the directors of its Indian associate have passed resolutions enabling an initial public offering of the firm, after a planned merger was blocked by regulators.

The public offer would be for up to 20% of HDFC Standard Life Insurance Company Ltd, with shares being sold by India's Housing Development Finance Corp and by Standard Life (Mauritius Holdings) 2006 Ltd in a mutually agreed ratio.

Standard Life has a 35% stake in the life insurance firm via its subsidiary. It did not comment on the size of the proceeds it expects from the IPO.

The plan for an IPO comes after an agreed merger with Max Life Insurance Co Ltd was blocked by Indian authorities. However, HDFC Life said it continues to believe such a transaction would create "strategic value" for both companies, and it would be willing to re-evaluate the deal if regulatory objections can be satisfied.

Shares in Standard Life closed up 0.5% at 416.45 pence Monday.

By Adam Clark; adamclark@alliancenews.com

Copyright 2017 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Standard Life PLC 429.90 GBX -0.26 -
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