Standard Life Aberdeen will hold a stake worth just under £1 billion in the flotation of its associate business HDFC Asset Management in India.

Based on today’s approved price range for the IPO in Mumbai it would value Standard Life Investments’ current shareholding of 37.98% at between .£970 million and £975m. 

The announcement also confirmed that the IPO of HDFC will be open for subscription to anchor investors on 24 July and to the public on the following day. It will close on 27 July.

HDFC is one of India’s most valuable brands and is a major provider of finance for housing. It also has a presence in banking, life and general insurance, asset management, venture capital and education loans.

HDFC Life was floated on the Indian Stock Exchange last November. Standard Life Aberdeen said it would continue to be major shareholders in both companies.

A spokesman 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.”