 "Standard Life Aberdeen offloads 2.5% stake in HDFC Life Insurance")
Standard Life Aberdeen on Friday divested 2.5 per cent stake in HDFC Life Insurance Company.
The UK-based firm sold shares offloaded 50 million shares at Rs 441.2 apiece to raise Rs 2,200 crore. Prior to the stake sale, Standard Life, a co-promoter along with HDFC, held 14.73 per cent in the private life insurer.
Shares were priced at a discount of nearly 7 per cent to Thursday’s volume weighted average price (VWAP) and 3 per cent to the three—day VWAP. The share sale was successful despite challenging market conditions.
Market sources say investment bankers launched the transaction after they got reverse inquiries from investors. “Large demand from marquee investors helped provided us comfort to launch the deal despite huge volatility in the secondary market,” said an investment banker.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%