Standard Life Mauritius is set to sell three. Forty-seven consistent with cent stake in HDFC Life Insurance thru a suggestion-for-sale.

Standard Life (Mauritius Holdings) 2006 Ltd is one of the promoters of the non-public area insurer with 29.23 according to cent stake as on December 31, 2018. “We at this moment notify that the vendor proposes to sell as much as seven crore equity shares (representing three.47 according to cent of the entire issued and paid-up equity proportion capital of the business enterprise) on March 12, and on March thirteen,” HDFC Life stated in a regulatory submitting on Monday.

It can sell 2.Ninety-five crore more shares as a part of the transaction. At a floor fee of ₹ 357.5 apiece, the stake-sale should fetch as an awful lot as ₹three,500 crores (inclusive of the new shoe option). The OFS could be open for non-retail traders on Tuesday and for retail buyers on March 13.

Significantly, the insurer had changed its call from HDFC Standard Life Insurance to HDFC Life Insurance in January this year.

Shares of the insurer fell zero.51 percent and closed at ₹ 389.80 apiece on BSE on Monday. The insurer had come out with an IPO in November 2017, which comprised a nine. Fifty-five in step with cent stake sale of HDFC and 5.Forty two according to cent holding of Standard Life.