Recently, Standard Life, one of the stakeholders in HDFC Life Insurance Company, has sold its stakes for INR 3,225.49 crore, according to a media report.
UK-based company sold 67.1 million stakes at INR 480.7 epiece, according to the stock-exchange data, as reported by the daily news, VC Circle.
This is the fourth liquidity event in line for Standard Life when the company has sold its assets. Earlier in May, the company has raised INR 1,404 crore by selling off its 1.78 per cent stake in HDFC life. Before this, the firm had sold 4.9 per cent stakes in HDFC Life Insurance for INR 3,557 crore.
For almost two years, Standard Life is decreasing its stakeholding in HDFC Insurance so as to meet minimum stakeholding regulations as written down by SEBI (Securities and Exchange Board of India).
Following the stake sale, the stake sale will decrement to nearly 19.7 per cent from earlier 23.02 per cent at the cessation of June 2-1 quarter.
Amercian finance company, Capital Group possesses a small count of stakes for INR 68 crore. The deets of other investors have not been disclosed by the company.
Presently, HDFC is one of the biggest insurance firms in the indian market and its valuation is at INR 1.o4 lakh crore.
HDFC Life is currently the largest insurance company by market capitalisation. It is valued at Rs 1.04 lakh crore.