Investment firm Standard Life will sell 4 crore shares in HDFC Life as it looks to offload about 2 percent of its stake in the insurance provider.

The shares will be sold at a price band of Rs Rs 490 - Rs 501.35 apiece to HDFC Life. The offer size will be worth Rs 1,960 crore.

The expected trading date is June 4 and settlement is expected to be completed by June 8.

BofA Securities is the sole bookrunner for the stake sale.

The sale will reduce Standard Life’s stake in HDFC Life to 10.27 percent. Standard Life currently holds a 12.25 percent stake in the Mumbai-based insurer.

First Published:Jun 3, 2020 5:50 PM IST