Standard Life Sells 5% Stake In HDFC Life Insurance For Rs 5,750 Crore
The U.K.'s Standard Life Aberdeen PLC has divested 4.95 percent stake in HDFC Life Insurance Co. Ltd. for a little over Rs 5,750 crore through open market transactions.
The U.S.-based Capital Group is among the buyers which picked up shares of the Indian insurance firm.
According to bulk deal data available with the Bombday Stock Exchange, Standard Life (Mauritius Holdings) 2006 Ltd., one of the promoters of the insurer, sold 10 crore shares—amounting to 4.95 percent stake—of HDFC Life. The shares were offloaded at an average price of Rs 575.15, valuing the transaction at Rs 5,751.5 crore, the data showed.
In August, Standard Life had sold 6.7 crore shares, representing 3.33 percent of the total capital of HDFC Life, at Rs 481 per share.
At the end of the September quarter, Standard Life held 19.69 percent stake in HDFC Life, while Housing Development Finance Corporation Ltd. owned 51.47 percent, according to the shareholding data available on the BSE.
On Wednesday, HDFC Life shares rose 3.62 percent to Rs 632.45 apiece on the BSE while the benchmark Sensex gained 0.55 percent to end the day at 40,051.87 points.