Mumbai, Sep 12 (PTI) UK-based investment company Abrdn is planning to sell up to 4.3 crore sales representing 2 per cent of HDFC Life Insurance Company's outstanding shares through a block deal to raise over Rs 2,425 crore, according to merchant banking sources.

The Edinburgh-based company, which was formerly known as Standard Life Aberdeen, has offered the shares in the price band of Rs 564.1 to Rs 578.55, which is a discount of up to 2.5 per cent on the scrip's close on Monday in the block deal, they said.

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The shareholding of Abrdn, one of the promoters of the insurer, will fall to 1.7 per cent after the trade is executed from the present 3.7 per cent, as per the term sheet. Mortgage major HDFC, the other promoter in the private sector insurer, will continue to hold 48.7 per cent of the company.

Bofa Securities is the sole bookrunner for the sale of shares.

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At the lower end of the offer price range, Abrdn will be booking an income of Rs 2,425.6 crore or USD 305 million, the term sheet says.

The HDFC Life scrip closed 0.68 per cent up at Rs 579.90 apiece on the BSE on Monday as against gains of 0.54 per cent on the benchmark.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)