Standard Life sells 5% in HDFC Life for Rs 5,750 cr in open-market deals

UK's Standard Life on Wednesday divested 4.95 per cent stake in HDFC Life Insurance Company for a little over Rs 5,750 crore through open market transactions.

The US-based Capital Group is among the buyers which picked up shares of the insurance firm.

According to bulk deal data available with the BSE, Standard Life (Mauritius Holdings) 2006 Ltd, one of the promoters of the insurer, sold 10 crore shares -- amounting to 4.95 per cent stake -- of HDFC Life.

The shares were offloaded at an average price of Rs 575.15, valuing the transaction at Rs 5,751.5 crore, the data showed.

In August, Standard Life had sold 6.7 crore shares, representing 3.33 per cent of the total capital of HDFC Life, at Rs 481 per share.

At the end of the September quarter, Standard Life held 19.69 per cent stake in HDFC Life, while the other promoter Housing Development Finance Corp Ltd (HDFC) owned 51.47 per cent, as per shareholding data on BSE.

Following the deal, shares of HDFC Life spurted 5.43 per cent to hit their 52-week high of Rs 643.50 in intra-day trade the BSE. The scrip closed at Rs 632.45, up 3.62 per cent.

In separate bulk deal data on the NSE, Value Line Pte sold 54.67 lakh shares of SBI Life Insurance Co Ltd at Rs 976.25 apiece, translating into a transaction size of Rs 534 crore.

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