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Our Bureau The Housing Development Finance Corporation on Wednesday sold 2.6 crore shares in HDFC Life Insurance through a bulk deal.
The shares were offloaded at a price of ₹ 490.22 apiece, according to data on BSE.
Meanwhile, UK’s Standard Life is expected to sell about two per cent of its stake in the private sector life insurer on June 4 through a block deal, which could fetch over ₹1,900 crore.
As on March 31, 2020, HDFC held 51.44 per cent stake in HDFC Life Insurance while Standard Life held 12.25 per cent stake in the life insurer.
The Reserve Bank of India had asked HDFC to lower stake in HDFC Life Insurance and HDFC Ergo General Insurance to 50 per cent or less, the housing finance company had said in a regulatory filing last month. It has time till December 16 this year to lower its stake in HDFC Life Insurance.
Meanwhile, Standard Life has also been lowering its stake in HDFC Life Insurance since last year.
On Wednesday, the shares of HDFC Life ended flat ₹501.4 on the BSE.
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