HDFC Life Insurance
in its press note to the exchanges informed that Standard Life, one of its promoters, will sell ~4.93% in the company through offer for sale (OFS).
"Standard Life (Mauritius Holdings) 2006 Ltd, one of the promoters of the insurer, will sell stake through OFS on March 12 and the floor price for the sale will be Rs357.50/share," the company said in a press note after markets hours to the exchanges on Monday.
Standard Life proposes to sell up to 7cr shares representing 3.47% with an option to additionally sell up to 2.95cr shares representing 1.46% of the total issued and paid-up capital, it said.
Currently, Standard Life holds 29.2% stake in the life insurance company while mortgage firm HDFC has a 51.5% stake. After the stake sale, Standard life's holding in insurance company will come down to 24.27%.
Standard Life has appointed DSP Merrill Lynch as the broker for the sale of equity stake.
HDFC Life Insurance Company Ltd's share price ended at Rs389.80, down by Rs2 or 0.51%, from its previous close of Rs391.80 on the BSE.
The scrip opened at Rs391.10 and touched a high and low of Rs391.30 and Rs385.50, respectively. A total of, 13,96,288 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs78,636.60cr.