Standard Life sells ₹6,783 cr worth shares of HDFC Life

Our Bureau Chennai | Updated on June 29, 2021

Buyers identity not known

Standard Life (Mauritius Holdings) 2006 Ltd, a subsidiary of Standard Life Aberdeen Plc, on Tuesday sold 10.085 crore shares (4.99 per cent stake) of HDFC Life Insurance Co Ltd, according to a block deal data available with the BSE.

The company offloaded, 5.042 lakh shares each in two transactions at an average price of ₹672.89 and ₹672.46 respectively, making the total deal size to ₹6,783 crore. However, the buyer(s) name is not known immediately. The stock on Tuesday closed at ₹686.35, down 1.39 per cent on the BSE.

Promoters holding dip

Following the stake sale, promoter Standard Life's stake in HDFC Life slips to 3.89 per cent from 8.88 per cent. As of March 31, the other promoter Housing Development Finance Corp Ltd held 49.97 per cent stake in the life insurance arm.

Standard Life (Mauritius Holdings) 2006 has been reducing its stake in HDFC Life since in the last few years. In December 2020, Standard Life had sold 2.78 per cent stake in HDFC Life.

At the end of 658 foreign portfolio investors held 25.67 per cent stake in the company while domestic mutual funds, including SBI Mutual, were holding 4.28 per cent stake. Among the FPIs included Europacific Growth, JP Morgan Funds and Capital World Growth Fund. Some 7.23 lakh small retal investors held 5.31 per cent stake and HNIs 2.12 per cent in HDFC Life Insurance.

Published on June 29, 2021

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