Insurance 29-Jun-21
Standard Life sells 5% stake in HDFC Life in two tranches
Standard Life said on Tuesday that it divested 5% stake in HDFC Life Insurance Company. A total of 100.8 million shares were sold in two tranches at Rs 672 and Rs 673.
Standard Life raised a total of Rs 6,784 crore from the share sale. Shares of HDFC Life Insurance fell 1.4% to end at Rs 686.
The price range for the share sale has been fixed at Rs 658 to Rs 678 per share: a discount of between 2.6% and 5.5% to the life insurer's Monday's closing price of Rs 696.
Prior to the share sale, Standard Life currently held 8.8% (180 million) shares in HDFC Life. After the share sale, its stake has dropped to 3.8%.
BofA Securities and JP Morgan were the investment banks that handled the share sale.
The JV partner has been pruning its stake in the life insurer at regular intervals. Ahead of HDFC Life's IPO in 2017, Standard Life held 35% stake in the company, while HDFC owned 61.5%.
In December, Standard Life had sold 1.38% stake in HDFC Life at Rs 619.15 per share to raise Rs 1,720 crore. HDFC owns 49.97% in HDFC Life.
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