HDFC Life Insurance share price falls 6% after Standard Life plans stake sale via OFS

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Updated: March 12, 2019 12:11:41 PM

Shares of HDFC Life Insurance Company Ltd on Tuesday fell nearly 5.8 per cent on BSE to Rs 367.55, the biggest intraday per cent loss since September 21, 2018.

Sensex, indian shares, NSE nifty, indian markets, BSE, Larsen & Toubro Ltd, US FDA, equity indexThe floor price for the offer priced at Rs 357.50 per share, a 8.4 per cent discount to stock’s last closing price.

Shares of HDFC Life Insurance Company Ltd on Tuesday fell nearly 5.8 per cent on BSE to Rs 367.55, the biggest intraday per cent loss since September 21, 2018. On Monday, Standard Life (Mauritius Holdings) proposed to sell 70 million shares, or 3.47 per cent stake in HDFC Life Insurance, company said. The company also has a green shoe option of 29.5 million equity shares, or 1.46 per cent, in the event the oversubscription option is exercised.

The floor price for the offer priced at Rs 357.50 per share, a 8.4 per cent discount to stock’s last closing price.

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Over 6.4 million shares changed hands, compared with 30-day average volume of around 742,721 million shares in the intraday trade so far today. The shares were trading at Rs 374.40, down 4.12 per cent or 16.10 points on BSE at the time of reporting

Standard Life (Mauritius Holdings) 2006 Ltd is one of the promoters of the private sector insurer with 29.23 per cent stake as on December 31, 2018. “We hereby notify that the seller proposes to sell up to seven crore equity shares (representing 3.47 per cent of the total issued and paid-up equity share capital of the company) on March 12, and on March 13,” HDFC Life said in a regulatory filing on Monday.

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