Housing Development Finance Corporation (HDFC) announced that the company has agreed to sell up to 1,89,51,361 equity shares of Rs 10 each of HDFC Standard Life Insurance Company (HDFC Life) to the Azim Premji Trust at a price of Rs 105 a share.

The shares to be sold as above represent 0.95% of the total issued and paid-up equity capital of HDFC Life. The Corporation has concluded the sale of the first tranche of 1,19,69,000 shares. The balance shares would be sold subsequently.

After the entire sale of 1,89,51,361 equity shares is completed, the Corporation would hold 71.42% of the total issued and paid-up equity capital of HDFC Life.

Shares of the company gained Rs 32.9, or 2.95%, to trade at Rs 1,147.95. The total volume of shares traded was 50,751 at the BSE (3.10 p.m., Monday).