Latest News
-
Tech Mahindra Q4 Results: Cons PAT Declines 41% YoY To Rs 661 Crore; Exits FY24 In Red -
1:5 Split Soon: Multibagger PSU Bank To Consider Dividend Too, Buy For TP Rs 650: Motilal Oswal -
Gold Price In US: Yellow Metal Rates Hold Steady Amidst Easing Middle East Tensions; GDP Data Awaited -
Multibagger Energy Stock To Reward Shareholders With 3 Bonus Shares, Hits 52-Week High -
Massive Rs 33/Sh Dividend By Larsen's IT Stock, 1650% Payout Soon; LTTS Earns Profit Of Rs 341 Crore In Q4 -
Rs 7.50/Share Dividend: Adani Group Cement Company Reports Strong Q4 Results; Profit Surges 2x YoY -
Closing Bell: Market Rebounds To End With Gains For 5th Straight Day; Sensex & Nifty Soar Led By Banks -
Gold Prices Ayodhya: In Ram-Janma-Bhumi, 24carat Falls By Rs 380 In 10-Grams, Drops By Rs 3,800 In 100-gram -
Penny Stock Hits 2nd Upper Circuit After Declaring Earnings, Gains 14% In 1-Week -
Rs 8.50/Share Dividend Recommended: Nestle India Reports 27% YoY Jump In Profit
Standard Life To Sell Partial Stake In HDFC Life
Standard Life (Mauritius Holdings) will be off-loading 1.78 percent stake in HDFC Life Insurance Company for Rs 1,404 crore beginning Friday.
The stake sale will be made in two slots, the first one being non-retail investors on Friday and to the retail investors in the coming week.
In regulatory filing on Thursday, HDFC Life Insurance said that the sale is being undertaken by Standard Life (Mauritius Holdings) to achieve the minimum public shareholding in the company as per SEBI (Securities and Exchange Board of India) regulations.
"The seller proposes to sell up to 3,60,00,000 equity shares (representing 1.78% of the total issued and paid-up equity share capital of the company) on May 3, 2019 for non-retail investors only and on May 6, 2019 for retail investors and for non-retail investors who choose to carry forward their un-allotted bids," it said.
The floor price of the sale is Rs 390 per equity share and DSP Merril Lynch is the broker for the sale process on behalf of Standard Life.
HDFC Life Insurance Company Limited (formerly known Standard Life Insurance Company Limited) is promoted by mortgage lender HDFC Ltd that holds 51.48 percent stake and Standard Life (Mauritius Holdings) 2006 Ltd with 24.66 percent stake.
Shares of HDFC Life Insurance Company Ltd were trading lower by 2.27 percent on Friday morning at Rs 407.75 apiece on NSE. The stock closed a little over 3.19 percent lower at Rs 417.20 on Thursday.
