Standard Life sells 5% stake in HDFC Life Insurance in two tranches

Standard Life has divested a 5% stake in HDFC Life Insurance Company to raise INR 6,784 crore. A total of 100.8 million shares were sold in two tranches at INR 672 and INR 673 apiece. BofA Securities and JP Morgan were the investment banks that handled the share sale. Prior to the share sale, Standard Life currently held 8.8 % (180 million) shares in HDFC Life.