New Delhi:

Standard Life's shareholding in HDFC Life Insurance will come down to 3.89 per cent post sale of shares by the foreign promoter on Tuesday.

Standard Life (Mauritius Holdings), one of the promoters, said in a communication that they had undertaken a sale of 100,845,104 equity shares of the company on June 29, according to a regulatory filing by HDFC Life on Wednesday.

The number of shares offloaded by Standard Life represented approximately 4.99 per cent of the total issued and paid-up equity capital of HDFC Life.

The shares were sold to various investors through the screen-based trading system of the stock exchanges, Standard Life (Mauritius Holdings) said in the communication to HDFC Life. The communication was disclosed by the company to the bourses.

The sale is subject to the settlement process to be completed on July 1.

"Upon the settlement of the sale, we will hold 78,694,105 equity shares (representing approximately 3.89 per cent of the total issued and paid-up equity share capital of the company (HDFC Life)," Standard Life said in the communication.

As per BSE bulk deal data, the shares sold were worth over Rs 6,783 crore.

HDFC Life stock closed flat at Rs 686.40 apiece on BSE.

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