Business

Standard Life to cut stake in HDFC Life through block deal

Standard Life Insurance of UK is reducing its stake in HDFC Life Insurance from 12.25 per cent to 10.27 per cent, via block deals on the stock exchanges.

migrator

Updated:4th Jun, 2020 at 11:30 AM

New Delhi

A block deal is scheduled for Thursday in which Standard Life will sell 4 crore shares of HDFC Life Insurance, the life insurance arm of HDFC.

The deal size is expected to be Rs 1,960 crore with a price band of Rs 490-501.35 per equity share.

BofA Securities is the sole book runner for the block deal.

Standard Life will hold 10.27 per cent stake in HDFC Life from 12.25 per cent earlier.

HDFC Life shareholding is seeing a churn as the parent company, HDFC Ltd on Tuesday sold 2.6 crore shares or 1.28 percent equity stake.

HDFC sold 2.6 crore equity shares (representing 1.28 percent of total paid-up equity of HDFC Life) at Rs 490.22 per share, as per the trading data.