Standard Life Group will sell 3.46% stake HDFC Life Insurance Co. for $640 million (over Rs 4,600 crore) via a block deal, according to a Bloomberg News report.
Bank of America and JPMorgan will be joint bookrunners of the stake sale.
Shares of HDFC Life closed 4.1% lower on the BSE while the benchmark BSE Sensex ended 0.36% down on Monday.
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