Mortgage financier HDFC Ltd on Tuesday picked up 1.49 crore shares of HDFC Life Insurance Company Ltd for over Rs 992 crore through an open market transaction.
According to bulk deal data available with the National Stock Exchange (NSE), promoter HDFC bought a total of 1,48,80,000 shares of HDFC Life.
The shares were purchased at an average price of Rs 667.1 apiece, valuing the transaction size to Rs 992.64 crore, the data showed.
However, the seller of the shares could not be ascertained immediately.
HDFC held a 48.65 per cent stake in HDFC Life as of the March quarter, while another promoter entity Abrdn owned 1.66 per cent in the life insurance arm, shareholding data with the BSE showed.
In April, the Reserve Bank allowed HDFC Bank or HDFC to increase shareholding in HDFC Life Insurance Company and HDFC ERGO General Insurance Company to over 50 per cent before the effective date of the merger.
HDFC Bank in April last year agreed to take over the biggest domestic mortgage lender in a deal valued at about USD 40 billion, creating a financial services titan.
The proposed entity will have a combined asset base of around Rs 18 lakh crore.
Shares of HDFC Life settled 5.5 per cent higher at Rs 664.9 on the NSE on Tuesday. PTI SP http://ptinews.com/images/pti.jpg “We bring the World to you" Disclaimer : This e-mail message may contain proprietary, confidential or legally privileged information for the sole use of the person or entity to whom this message was originally addressed. Please delete this e-mail, if it is not meant for you. BAL BAL