Private insurer HDFC Life launched its block deal book. And one of its promoters, Standard Life (Mauritius Holdings) will be selling 7 crore shares of HDFC life via a block deal on June 29.
The price band of the block deal will be at Rs 658 to 678 per share. These 7 crore shares will be worth over Rs 3,000 crore. On June 28, the share of HDFC Life closed at Rs 696 per share, down by 4.07 per cent or 29.55 points.
As of the shareholding data of March 2021, Standard Life (Mauritius Holdings) held an 8.88 per cent stake or 17,95,39,209 shares in HDFC Life. Meanwhile, private lender HDFC has a 49.97 per cent stake in the life insurance company.
From August 2019 to December 2020, Standard Life (Mauritius Holdings) has reduced its stake in the life insurance company five times via bulk deal.
Meanwhile, for the financial year 2020-21, the insurer's profit after tax grew by 5 per cent to Rs 1,360 crore from Rs 1,295 crore in FY20. During the year, it sold about 9.8 lakh new individual policies registering a y-o-y growth of 10 per cent. It also reported a 2 per cent increase in its standalone profit after tax to Rs 318 crore in the quarter ended on March 31, 2021, compared to Rs 312 crore in the year-ago period.