Standard Life said on Tuesday that it divested 5 per cent stake in HDFC Life Insurance Company. A total of 100.8 million shares were sold in two tranches at Rs 672 and Rs 673.
Names of the buyers couldn’t be ascertained.
Standard Life raised a total of Rs 6,784 crore from the share sale.
Shares of HDFC Life fell 1.4 per cent to end at Rs 686.
The price range for the share sale has been fixed at Rs 658 to Rs 678 per share: a discount of between 2.6 per cent and 5.5 per cent to the life insurer’s