Source - RNS
RNS Number : 5438H
Standard Life plc
08 June 2017
 

Standard Life plc

 

Announcement by Housing Development Finance Corporation Limited ("HDFC")

 

Standard Life plc ("Standard Life") notes the announcement today by HDFC with reference to the composite scheme of amalgamation and arrangement proposed by HDFC Standard Life Insurance Company Limited ("HDFC Life"), involving HDFC Life, Max Life Insurance Company Limited ("Max Life"), Max Financial Services Limited, and Max India Limited.


The said announcement states that, further to the representation made to the Insurance Regulatory and Development Authority of India by HDFC Life and Max Life, the Authority has on 7 June 2017, reaffirmed its original position regarding Section 35 of the Insurance Act, 1938 and that, consequently, the parties are evaluating various options with regard to the merger.

 

There can be no certainty that any such options will be viable in which case Standard Life intends to propose an IPO of HDFC Life at the earliest possible opportunity, subject to appropriate market conditions.

 

 

8 June 2017

 

 

Enquiries:

 

Institutional Equity Investors

Jakub Rosochowski

 

 

Neil Longair

 

 

+44 (0) 131 245 8028*

+44 (0) 7515 298 608


+44 (0) 131 245 6466*

+44 (0) 7711 357 595

Media

Barry Cameron

 

 

+44 (0) 131 245 6165*

+44 (0) 771 248 6463

 

Group Secretariat

Paul McKenna

 

+44 (0) 131 245 1168*

 

 

* Calls may be monitored and/or recorded to protect both you and us and help with our training. Call charges will vary.

 

LEI: OTMBS544NMO7GLCE7H90

 

 

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