Standard Life sells 5 pc stake in HDFC Life for Rs 5,750-cr

UK's Standard Life on Wednesday divested a 4.95 percent stake in HDFC Life Insurance Company for a little over Rs 5,750 crore through open market transactions. The US-based Capital Group is among the buyers which picked up shares of the insurance firm.

According to bulk deal data available with the BSE, Standard Life (Mauritius Holdings) 2006 Ltd, one of the promoters of the insurer, sold 10 crore shares -- amounting to 4.95 percent stake -- of HDFC Life. The shares were offloaded at an average price of Rs 575.15, valuing the transaction at Rs 5,751.5 crore, the data showed.

In August, Standard Life had sold 6.7 crore shares, representing 3.33 percent of the total capital of HDFC Life, at Rs 481 per share. At the end of the September quarter, Standard Life held a 19.69 percent stake in HDFC Life, while the other promoter Housing Development Finance Corp Ltd (HDFC) owned 51.47 percent, as per shareholding data on BSE.

Following the deal, shares of HDFC Life spurted 5.43 percent to hit their 52-week high of Rs 643.50 in intra-day trade the BSE. The scrip closed at Rs 632.45, up 3.62 percent. In separate bulk deal data on the NSE, Value Line Pte sold 54.67 lakh shares of SBI Life Insurance Co Ltd at Rs 976.25 apiece, translating into a transaction size of Rs 534 crore.