Standard Life sells about 5% stake in HDFC Life Insurance for Rs 5,752 cr

As of September 2019, Standard Life held 19.69 per cent equity stake in HDFC Life. Post the bulk deal, Standard Life's stake will drop to 14.73 per cent

Standard Life (Mauritius Holdings) on Wednesday sold 4.96 per cent stake in Housing Development and Finance Corporation (HDFC) Life Insurance Company to a clutch of institutional investors through multiple block deals. The sale took place at Rs 575.15 apiece, helping the UK-based Standard Life mop up Rs 5,752 crore.

Among the buyers were a host of foreign institutional investors (FIIs) such as Euro Pacific Growth Fund, Capital Group, New World Fund, and American Fund Insurance Series.

In the secondary market, shares of HDFC Life closed at Rs 632, up 3.6 per cent on the BSE. Market players said good demand for the