Standard Life to divest 3.46% in HDFC Life, price range set at Rs 658-678

At the lower end, the share sale will fetch around Rs 4,606 cr or $621 mn; HDFC Life stock sheds 4.1% at close

London-based Standard Life will divest 3.46 per cent stake (70 million shares) in HDFC Life Insurance Company on Tuesday. The price range for the share sale has been fixed at Rs 658 to Rs 678 per share: a discount of between 2.6 per cent and 5.5 per cent to the life insurer’s last close.

Shares of HDFC Life fell 4.1 per cent to Rs 696 on Monday, ahead of the share sale.

At the lower end, the share sale will fetch around Rs 4,606 crore ($621 million).

Standard Life currently holds 8.8 per cent (180 million) shares in HDFC Life.