 "Standard Life cuts 1.38% stake in HDFC Life, raises Rs 1,720 crore")
London-based Standard Life on Thursday sold 27.8 million shares, amounting to a 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 declined to 8.89 per cent. The joint venture partner has been pruning its stake in the domestic life insurer at regulator intervals.
Ahead of HDFC Life's initial public offering in 2017, Standard Life had held 35 per cent stake in the company, while HDFC Ltd owned 61.5 per cent. At present, HDFC Ltd owns a little over 50 per cent. Shares of HDFC Life rose 1.7 per cent to close at Rs 648, valuing the company at Rs 1.3 trillion.
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