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HDFC up 3%, to sell 0.95% in HDFC Life to Azim Premji Trust

After the entire sale of 1,89,51,361 equity shares is completed, HDFC will hold 71.42 percent of the total issued and paid-up equity capital of HDFC Life. HDFC currently holds 72.37 percent and Standard Life (Mauritius Holding) holds 26 percent of equity in the joint venture, while the rest is held by others.

The News International Team

Shares of  Housing Development Finance Corporation rose 3 percent intraday on Monday as it is planning to offload some shares of its life insurance arm. The housing finance company (HFC) will sell 0.95 percent stake in HDFC Standard Life Insurance Company (HDFC Life) to the Azim Premji Trust.

“HDFC has agreed to sell up to 1,89,51,361 equity shares of Rs 10 each of HDFC Standard Life Insurance Company Limited (HDFC Life) to the Azim Premji Trust at a price of Rs 105 per share. HDFC has concluded the sale of the first tranche of 1,19,69,000 shares. The balance shares would be sold subsequently,” HDFC said in a statement to the exchanges.

After the entire sale of 1,89,51,361 equity shares is completed, HDFC will hold 71.42 percent of the total issued and paid-up equity capital of HDFC Life. HDFC currently holds 72.37 percent and Standard Life (Mauritius Holding) holds 26 percent of equity in the joint venture, while the rest is held by others.

HDFC Life is a joint venture between Housing Development Finance Corporation Limited (HDFC), India’s leading housing finance institution and Standard Life plc, the leading provider of financial services in the United Kingdom.

HDFC closed at Rs 1,146.30, up Rs 31.25, or 2.80 percent on the BSE.

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