HDFC Life, a subsidiary of HDFC, will sell over 1.89 crore shares to Azim Premji Trust for about Rs 198.99 crore.
"Housing Development Finance Corporation (HDFC)... Has agreed to sell up to 1,89,51,361 equity shares of Rs 10 each of HDFC Standard Life Insurance Company Limited (HDFC Life) to the Azim Premji Trust at a price of Rs 105 per share," the financial services company said in a Bombay Stock Exchange (BSE) filing.
The shares to be sold, represent 0.95 per cent of the total issued and paid-up equity capital of HDFC Life.
Mumbai-based HDFC has completed the sale of the first tranche of over 1.19 crore shares. The rest would be sold subsequently.
After the entire sale of over 1.89 equity shares is completed, the financial conglomerate would hold 71.42 per cent of the total issued and paid-up equity capital of HDFC Life.
Shares of HDFC closed 2.8 per cent higher, at Rs 1,146.30 a piece, at the BSE on Monday.