Standard Life sells 1.98% stake in HDFC Life for Rs 1,986 crore

Standard Life, the joint venture partner in HDFC Life Insurance, sold 1.98 per cent stake (40 million shares) in the life insurance firm on Thursday. 
 

The share sale was conducted at Rs 496.4 per share and fetched the UK-based firm Rs 1,986 crore ($263 million). More than 50 institutional investor accounts bought the shares. Some of them include Capital World, Nomura, Morgan Stanley and Societe
Generale. Birla MF, ICICI MF and Mirae MF were among the domestic institutions that bought the stake. Shares of HDFC Life ended at Rs 517.5, up 3.2 per cent on the BSE. Following the stake sake, Standard Life’s stake will decline to 10.27 per cent.

Standard Life has pruned its stake in the life insurer in several trances. At the time of HDFC Life’s IPO in November 2017, Standard Life held 35 per cent stake.