HDFC offloads shares of HDFC Life worth over Rs 1,274 cr

Housing Development Finance Corporation (HDFC), promoter of HDFC Life, on Wednesday sold 2.6 crore shares of the insurance company worth a little over Rs 1,274 crore through an open market transaction.

According to bulk deal data available with the BSE, a total of 2,60,00,000 shares of HDFC Life Insurance Company Ltd were sold by its promoter HDFC, the data showed. The shares were offloaded on an average price of Rs 490.22 apiece, valuing the transaction at Rs 1,274.57 crore, the data added.

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However, the buyers of the shares could not be ascertained immediately. At the end of the March 2020 quarter, HDFC held 51.44 per cent stake in HDFC Life.

Shares of HDFC Life closed at Rs 501.40 apiece on the BSE, up?0.37 per cent from the previous close, while that of HDFC ended the trade at Rs 1,836.25, a rise of 1.18 per cent from the previous close.