Standard Life (Mauritius Holdings) is to sell 7 crore, or about 3.46 percent of total shares of HDFC Life Insurance Company through block deals on June 29.
The price range of the block deal book has been fixed at Rs 658 to 678 per share (5.8 percent-2.7 percent discount to the stock's closing of Rs 696 on NSE on June 28).
JP Morgan India and BoFA Securities India are the joint bookrunners of the deal. The base offer size of the deal is Rs 4,606 crore at the lower end of the offer price range.
As of the shareholding data available with BSE, Standard Life (Mauritius Holdings) held 17,95,39,209 shares, or 8.88 percent stake, of HDFC Life at the end of March quarter of FY21.
Shares of the company closed 4.13 percent lower at Rs 696 on NSE on June 28.