NEW DELHI: Shares of HDFC Life Insurance Company jumped over 4 per cent in Thursday’s trade amid high volumes despite reports that UK-based Standard Life Insurance was looking to reduce its stake in the insurance firm to 10.27 per cent from 12.25 per cent, via block deals on the stock exchanges.

A block deal was scheduled for Thursday, in which Standard Life was expected to sell 4 crore shares in the life insurance arm of HDFC.

The stock rose 4.7 per cent to hit a high of Rs 525 in early trade on BSE. Volumes on the counter at Rs 4.01 crore shares were almost 12.2 times 32.92 lakh shares that changed hands on the stock exchange in the last two weeks. Total turnover on the counter stood at Rs 1,993 crore.

The block deal size was expected to be Rs 1,960 crore with a price band of Rs 490-501.35 per equity share. BofA Securities is the sole book runner for the block deal.

Earlier on Tuesday promoter HDFC sold 2.6 crore shares in the insurance company worth a little over Rs 1,274 crore through an open market transaction.

A total of 2,60,00,000 shares were offloaded on an average price of Rs 490.22 apiece, valuing the transaction at Rs 1,274.57 crore, the data added. The buyers of the shares could not be ascertained immediately.

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