Public shareholding

HDFC Life restores free float after $451m block sale

Public shareholding in India’s largest life insurer went above 25% after the UK insurer sold 3.3% stake through an OFS.

 Standard Life Aberdeen sold Rs32.2 billion $451 million worth of HDFC Life Insurance shares through an offer for sale on Wednesday in a move that is intended to help its Indian partner increase its free float to meet regulatory requirement.

The British insurer divested 67 million shares in HDFC Life, India’s largest life insurer by market capitalisation, and brought its shareholding to 19.69% from 23.02%.

HDFC shares were picked up throughout Wednesday at an average price of Rs480.7 each, which was towards the bottom end of the Rs477.8 to Rs493.4 marketed price range.

National Stock Exchange data shows that US investment fund Capital...

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