Standard Life Aberdeen (SLA) will have a stake worth almost £1 billion in Indian finance firm HDFC Asset Management after its initial public offering (IPO) this month.
The draft prospectus for the IPO of HDFC Asset Management has been approved, with the floor price and cap price of the approved price band implying that Standard Life Aberdeen’s current shareholding of 37.98% would be valued at between £970-975 million.
A spokesperson for SLA said: ‘India is one of the fastest-growing economies in the world.
‘Our 37.98% stake in HDFC AMC means we are well placed to benefit from the proposed IPO and the company’s potential growth.’
HDFC is an Indian financial conglomerate headquartered in Mumbai, and is one of only two Indian groups with a combined market cap in excess of one trillion crore rupees.
It provides finance for housing in India, as well as banking, life and general insurance, asset management, venture capital and education loans services.
SLA also holds a major stake in HDFC’s Life business, which floated in November last year.