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Standard Life to further cut its HDFC Life stake

Shares of HDFC Life gained half a percent to close at 501.40 apiece on Wednesday.

ET Bureau|
Last Updated: Jun 04, 2020, 07.38 AM IST
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ETMarkets.com
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According to bulk deal data available with the BSE, a total of 2,60,00,000 shares of HDFC Life Insurance Company Ltd were sold by its promoter HDFC.
Mumbai: UK’s Standard Life is looking to sell 4 crore shares in HDFC Life, the largest life insurer by market capitalisation, through block deals on Thursday to raise up to 1,960 crore, according to a term sheet issued by BofA Securities. Standard Life will sell stake in HDFC Life at 490–501.35 per share on June 4.

Shares of HDFC Life Insurance gained half a percent to close at 501.40 apiece on Wednesday.

The UK-based firm has divested nearly 17 per cent stake in HDFC Life since January last year. Standard Life held 29.25 per cent stake as on December 2018, which has reduced to 12.25 per cent at the end of March 2020. Post Thursday’s deal, Standard Life will hold 10.27 per cent in HDFC Life.

In October, Standard Life sold 4.96 per cent in HDFC Life at 575.15 apiece to raise about 5,750 crore. Previously, it divested 3.2 per cent in HDFC Life in August for 3,100 crore and a 4.93 per cent stake in March.

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