HDFC Life Insurance Company said one of its promoters, Standard Life, will sell up to 4.92% stake in the life insurance firm through offer for sale (OFS). The Standard Life (Mauritius Holdings) 2006, one of the promoters of the insurer, will sell stake through OFS on 12 March 2019 and the floor price for the sale will be Rs 357.50 per share, HDFC Life said in a regulatory filing. Standard Life proposes to sell up to 7 crore shares, representing 3.47% equity, with an option to additionally sell up to 2.95 crore shares, representing 1.46% of the total issued and paid-up capital, it said. Currently, Standard Life holds 29.22% stake in the life insurance company while mortgage firm HDFC has a 51.48% stake. The announcement was made after market hours yesterday, 11 March 2019.
