Aberdeen has reduced its stake in Standard Life by half to about 5.2%, selling around 52 million shares in the insurer.

The insurance firm sold the shares at a price of £8.39 per share, raising proceeds of approximately £436m.

Aberdeen said it intends to deploy the proceeds from the placing in accordance with its disciplined capital allocation, which is focused on maintaining a strong balance sheet, “investing selectively in the business to support sustainable profitable growth”, reducing debt over time and delivering sustainable returns to shareholders.

Evercore Partners International is acting as lead financial adviser to Aberdeen in connection with the placing.

Following the announcement, Standard Life’s share price dropped by over 4%.

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