Earlier in the day, in a separate block deal, Standard Life sold 1.3 percent stake in HDFC Life Insurance in a separate block deal.
UK’s Standard Life has launched a fresh $260-million block deal, the second in a day, to sell around 2 percent stake in HDFC Life Insurance , said people familiar with the matter.
“The offer price range of the stake sale is between Rs 490 a share and Rs 501 a share and the block trades will be executed tomorrow (June 4),” one of the persons told Moneycontrol.
The HDFC Life Insurance stock ended Rs 501.35 a share at close of trade on June 3.
“Bofa Securities is the sole advisor to Standard Life on the deal,” said a second person.
Both persons spoke to Moneycontrol on the condition of anonymity.
Bofa Securities and Standard Life could not be reached immediately for comment.
Earlier in the day, in a separate block deal, Standard Life sold 1.3 percent stake in HDFC Life Insurance in a separate block deal.
As of March 31, 2020, Standard Life, which falls in the promoter category held 12.25 percent stake in HDFC Life, the shareholding pattern data shows. HDFC holds 51.44 percent in the insurer. The UK-based fim has been consistently trimming its stake in the Indian insurer through a series of back to back transactions.
Standard Life has been paring its stake in HDFC Life through a number of transactions since last year. In October, Standard Life sold 4.96 per cent in HDFC Life Insurance to a clutch of institutional investors at Rs 575.15 apiece to mop up Rs 5,750 crore.
In August, the firm sold 3.2 per cent in HDFC Life via block deals. Prior to that, it had sold 1.78 per cent stake for Rs 1,400 crore. In March, it divested 4.93 per cent stake in the life insurer to raise about Rs 3,600 crore.C
Facebook-BCG report suggests these measures for businesses to unlock the changing consumer behaviour in the current pandemic. Read More!
