New Delhi: HDFC Life, a subsidiary of HDFC Ltd, will sell over 1.89 crore shares to Azim Premji Trust for about Rs 198.99 crore.
"Housing Development Finance Corporation...has agreed to sell up to 1,89,51,361 equity shares of Rs 10 each of HDFC Standard Life Insurance Company Limited (HDFC Life) to the Azim Premji Trust at a price of Rs 105 per share," HDFC Ltd said in a regulatory filing to the BSE.
The shares to be sold represent 0.95 per cent of the total issued and paid-up equity capital of HDFC Life.
HDFC Ltd has completed the sale of the first tranche of 1,19,69,000 shares. The rest would be sold subsequently.
After the entire sale of 1,89,51,361 equity shares is completed, HDFC Ltd would hold 71.42 per cent of the total issued and paid-up equity capital of HDFC Life.
Shares in HDFC Ltd, on Monday, ended at Rs 1,146.30 apiece on the BSE, up 2.8 per cent from the previous close.