Mauritius holdings based, the standard life 2006 Ltd, who promotes the insurer, is said to sell its stakes through OFS in the month of March. The base price for the sale is expected to be an amount of Rs.357.50 per share, this was mentioned in a regulatory filing by the company. With the mentioned price/share the company is expected to raise a total of approximately Rs. 3,500 crore.

The company DFC Life Insurance on Monday announced that a part of its various promoters, Standard Life, will be selling almost 4.93 percent of its stake in the firm through an offer for sale (OFS) process.

Mauritius holdings based, the standard life 2006 Ltd, who promotes the insurer, is said to sell its stakes through OFS in the month of March. The base price for the sale is expected to be an amount of Rs.357.50 per share, this was mentioned in a regulatory filing by the company. With the mentioned price/share the company is expected to raise a total of approximately Rs. 3,500 crore.

The Standard Life is expected to trade up to 7 crore shares on behalf of 3.47 per cent with a choice to furthermore sell up to 2.95 crore shares on behalf of 1.46 per cent of the overall amount issued and paid-up capital mentioned. At present, Standard Life currently holds 29.2 percent stake in the company (life insurance) while the loan firm HDFC has a 51.5 per cent stake. Post the sale of the stake is completed, the current holding of Standard life in insurance company will reduce to 24.27 per cent.

The members of Standard Life has chosen DSP Merrill Lynch as the broker to complete the process of the sale of equity stake. During the period of the 3rd quarter which ended in the month of December 2018, the company HDFC Life reported growth of overall approximate 18 percent in profit at Rs. 245.63 crore. The private sector insurer company is set to record profit of Rs. 207.32 crore during the same quarter in the year of 2017.

The overall income of the organization received a downfall of Rs. 9,303.09 crore during the quarter for October-December, in the year 2017. This was a considerable downfall in comparison to the last quarter. Earlier, the insurer had modified its existing name from HDFC Standard Life Insurance to HDFC Life insurance. This was done with an aim to align the corporate name of the company and the brand name in similar pattern.