Housing Development Finance Corporation (HDFC), the promoter of HDFC Life sold 26 million shares of the insurance company worth a little over Rs 1,274 crore through an open market transaction on Wednesday.

According to bulk deal data available with the BSE, a total of 26,000,000 shares of HDFC Life Insurance Company were sold by its promoter HDFC.

The shares were offloaded on an average price of Rs 490.22 apiece, valuing the transaction at Rs 1,274.57 crore, the data added.

However, the buyers of the shares could not be ascertained immediately.

At the end of the March 2020 quarter, HDFC held 51.44 per cent stake in HDFC Life.

Shares of HDFC Life closed at Rs 501.40 apiece on the BSE, up 0.37 per cent from the previous close, while that of HDFC ended the trade at Rs 1,836.25, a rise of 1.18 per cent from the previous close.