Standard Life to sell 4.93% stake in HDFC Life for Rs 3,557 crore

Currently, it holds 29.2% stake in the life insurance company and HDFC hold 51.5%; DSP Merrill Lynch to broker the deal

Standard Life Mauritius Holdings, the joint venture partner in HDFC Life Insurance, is planning to sell 4.93 per cent stake, or 99.5 million shares, in the life insurance firm at a floor price of Rs 357.50 per equity share. This is supposed to fetch Standard Life close to Rs 3,557 crore.

The stake sale by Standard Life in HDFC Life comes shortly after the stake sale by BNP Paribas Cardif, the joint venture partner in SBI Life Insurance, another listed private sector life insurance company.

Earlier this month, BNP Paribas Cardif sold 9.2 per cent stake in SBI Life for Rs