Standard Life sells 27.8 mn shares to prune stake in HDFC Life to 8.89%

Deal struck at Rs 619.25 a share, raising Rs 1,720 cr; sale represents 1.38 per cent stake

London-based Standard Life on Thursday sold 27.8 million shares --1.38 per cent stake--in HDFC Life Insurance Company at Rs 619.15 apiece, raising Rs 1,720 crore. 

A clutch of institutional investors were among the buyers. Following the share sale, Standard Life's stake in HDFC Life has declined to 8.89 per cent. 

The JV partner has been pruning its stake in the life insurer at regulator intervals. Ahead of HDFC Life's IPO in 2017, Standard Life held 35 per cent stake in the company, while HDFC owned 61.5 per cent. 

Currently, HDFC owns a little over 50 per cent. Shares of HDFC Life rose 1.7