Latest News | HDFC Life Insurance Stock Rises 2 Pc on Abrdn Stake Sale News

Mumbai, Sep 13 (PTI) Shares of HDFC Life Insurance Company surged 2 per cent in morning trade after the UK-based investment company Abrdn said it is planning to sell 4.3 crore shares in the private sector insurer through block deal.

Abrdn is planning to sell up to 4.3 crore shares representing 2 per cent of HDFC Life's outstanding shares through a block deal to raise over Rs 2,425 crore.

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On BSE, HDFC Life stock opened at Rs 601, then gained 2.60 per cent to touch Rs 606 in initial deals.

Similar movement was seen on the NSE as well, where shares of the company opened at Rs 605 apiece, then touched Rs 589.95, up 1.97 per cent from its previous closing price.

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

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.

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 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)