A wholly-owned subsidiary of Standard Life, based in Mauritius, has sold just over 100 million shares in HDFC Life on the National Stock Exchange of India and Bombay Stock Exchange.
The block sale netted the firm roughly INR 67.3bn (£652m, $903m, €758m), with the average price per share sold INR 672.68.
The company said it intends to use the proceeds for general corporate purposes.
The shares sold constituted 4.99% of the paid-up, issued equity share capital of HDFC Life.
Based on the share price on 29 June, Standard Life (Mauritius Holdings)’s remaining 3.89% stake is worth INR 54.6bn (£530m).
