 "Standard Life sells 27.8 mn shares to prune stake in HDFC Life to 8.89%")
London-based Standard Life on Thursday sold 27.8 million shares --1.38 per cent stake--in HDFC Life Insurance Company at Rs 619.15 apiece, raising Rs 1,720 crore.
A clutch of institutional investors were among the buyers. Following the share sale, Standard Life's stake in HDFC Life has declined to 8.89 per cent.
The JV partner has been pruning its stake in the life insurer at regulator intervals. Ahead of HDFC Life's IPO in 2017, Standard Life held 35 per cent stake in the company, while HDFC owned 61.5 per cent.
Currently, HDFC owns a little over 50 per cent. Shares of HDFC Life rose 1.7 per cent to end at Rs 648, valuing the company at Rs 1.3 trillion.
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%